Mike McCaffrey proclaims he’s stepping down as CEO of The Block. In a Twitter thread, he admits that he has a secret $27 million funding from his notorious Sam Bankman-Fried.
McCaffrey has revealed that the publication, which he led as CEO from 2020, has acquired two main investments from SBF. In 2021, he was supplied a $12 million tranche, with one other $15 million paid out in early 2022, in line with McCaffrey’s tweet.
The present former CEO additionally admitted that not one of the crypto shops knew concerning the funding sources.
“I didn’t disclose the mortgage to anybody. Nobody at The Block had any information of the monetary preparations between my holding firm and SBF.”
Former CEO of The Block, Mike McCaffrey
The Block founder Mike Dudas claimed the scenario was “the worst private betrayal of his life.”
In a separate remark, Dudas hinted that in 2021 it was acquired by the “rich and loan-ridden” McCaffrey household.
In a now-deleted tweet, Block editor Frank Chaparro mocked McCaffrey with the F-word.
The Block was based in 2018 as a cryptocurrency information outlet. Based on an interview McCaffrey gave to his Fortune, it made hundreds of thousands in income by 2019. Moreover, the outlet has raised over $4 million from VCs together with Greycroft, Pantera, BlockTower Capital and Bloomberg Beta.
In 2020, Block acquired non-employee shareholders, together with traders and co-founders. McCaffrey grew to become the outlet’s new CEO, whereas Dudas remained on the board. An individual acquainted with the matter assured Crypto.information that the CEO had no affect on the editorial crew.
As of now, Dudas claims to don’t have anything to do with The Block administration.