It turned out that The Block, which has claimed to be “independent crypto reporting” until now, was funded by the founder of FTX. Moreover, the amounts paid are also quite large.
Journalist and broadcaster on the crypto market The Block For years, the website was among the leading news sources of its followers all over the world. It turns out that The Block has been financed by Sam Bankman-Fried for some time.
Although the authors of the site do not know the source of the payments, the discovery of the source being the founder of FTX can of course pose credibility problems in the eyes of the readers. Bankman-Fried, currently sunk FTX and Alameda ResearchHe is known as the founder of .
He allegedly bought a house in the Bahamas with FTX coins
from Alameda $16 million part of a payment The Block CEO by Michael McCaffrey It was stated that he used it to buy himself an apartment in the Bahamas. Previously, The Block was acquired by its writers and creators. At the end of this process, McCaffrey, who is the current CEO, acquired most of the shares and entered the board of directors.
After the latest news, the manager of the company controlling the revenues Bobby Moranwas appointed CEO, replacing McCaffrey. McCaffrey also stepped down from his board duties.
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McCaffrey, for the companies he’s founded so far Bankman-Fried It received millions of dollars in payments from companies under its control. McCaffrey first received $12 million in April 2021, then $15 million in January 2022 and $16 million in the spring. On the other hand, it was stated that The Block never received payments directly from Bankman-Fried or McCaffrey’s companies.
Source :
https://www.axios.com/2022/12/09/bankman-fried-funded-crypto-news-site-block