The Block now has a statement on its website, noting that McCaffrey was the only person with knowledge of the funding and that he has now resigned as CEO “after failing to disclose a series of loans” from Bankman-Fried. Chief revenue officer Bobby Moran will be taking over as the new CEO. Moran clarified in a statement that there is no evidence of McCaffery trying to influence The Block’s editorial stance, especially when it comes to covering news about Bankman-Fried or his companies.
In addition to resigning as The Block’s CEO, McCaffery has also stepped down from the company’s board, even though he remains a majority stakeholder in the company. Moran has published his own Medium post in the wake of the revelations, noting that McCaffery only told him about the Alameda funds just before Thanksgiving. Criticizing McCaffery’s decision to secretly secure a loan from Bankman-Fried as “a serious lack of judgment,” Moran writes that the fallen CEO will no longer have a role to play in “day-to-day management or operational responsibilities at The Block.”
In the meanwhile, Bankman-Fried has expressed willingness to testify before Congress at a hearing on December 13 but warns that he might not be able to answer all the burning questions. He is currently assisting with FTX’s bankruptcy proceedings, after squandering a personal fortune worth over $22 billion. Bankman-Fried is currently on a media interaction spree and recently claimed in an interview that he has almost nothing left of his once-vast fortune.
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