The Block CEO resigns after failure to disclose loans from Bankman-Fried’s Alameda

12/09 23:56

The Block Chief Executive Officer Michael McCaffrey resigned after failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried’s Alameda Research. Bobby Moran, The Block’s chief revenue officer, will step into the role of CEO, effective immediately, according to a company statement. McCaffrey remains the company’s majority shareholder. McCaffrey received three loans in total, the first of which was in the amount of $12 million and was used in 2021 to buy out other investors in the crypto news, data and research provider. He took over day-to-day operations as the CEO at that time. A second $15 million loan in January was used to help fund day-to-day operations, while another $16 million earlier this year was used to purchase personal real estate in the Bahamas.

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