Crypto media site The Block has been secretly funded by Sam Bankman-Fried’s Alameda Research for the past two years, according to a report by Axios. The bloc confirmed the report on Friday.
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Block CEO Michael McCaffrey resigned immediately after the credits roll. He will also step down from the board of The Block.
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No one in the company knew about the loans except for McCaffrey, according to the company.
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McCaffrey received three credits A total of $43 million from 2021 to this year, The Block confirmed.
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The first loan was $12 million to buy out other investors in the media company in 2021, when McCaffrey took over as CEO.
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The second was $15 million in January to fund day-to-day operations.
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The third was $16 million for McCaffrey to buy personal real estate in the Bahamas earlier this year.
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Bobby Moran, The Block’s chief revenue officer, will take over as CEO. effective immediately, according to the report.
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“We saw from our own experience There is no evidence that Mike ever tried to exert improper influence newsroom or research teams, particularly in covering SBF, FTX and Alameda Research,” Moran said in a statement.
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Frank Chaparro, Editor-in-Chief of The BlockIn a tweet Friday afternoon, he said he was “disappointed by the news” that the company had been informed, adding that McCaffrey had “kept every one of us in the dark.”
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Block is a competitor to CoinDesk.
Token Collection
Bitcoin (BTC) and ether (ETH): BTC, the largest cryptocurrency by market capitalization, was trading around $17,140 in the last 24 hours. BTC remains at $17,000 for 10 days in a row. Ether followed a similar pattern and was down 0.8% at $1,260 at press time.
Fetch.ai (FET): A blockchain-based project focused on artificial intelligence (AI) was the top performer among 167 digital assets on the CoinDesk Market Index (CMI) this week. The price of its native token, FET, has risen from 6 cents earlier in the week to 11 cents now, up 80% in the five days since Sunday and 36% in just the last 24 hours at the time of publication. The price increase happened after the release of the update Fetch.ai wallet with features including “easier-to-use messaging”, “fewer server interactions” and “faster load times”.
FTX Token (FTT): The local cryptocurrency of failed cryptocurrency exchange FTX rose on Friday after platform founder Sam Bankman-Fried backed the exchange’s revival plan proposed by crypto influencer Ran Neuner. After Bankman-Fried’s tweet at 08:18 UTC, the FTT token surged 47% to $1.97, the highest level since November 16. The token has since fallen back to $1.64.
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Crypto Market Analysis: Investors Eye Bitcoin in Rush as FTX Hearing, FOMC Meeting
Glenn Williams Jr.
Both bitcoin (BTC) and ether (ETH) were largely flat last week, with the two largest cryptocurrencies by market cap up .005% and .006% from their closes on December 2nd. Volume for both is steady, with trading activity slightly below their respective 20-day moving averages.
BTC is bumping into potential resistance at current levels. A look at the asset’s Volume Profile Visible Range (VPVR) indicator shows high levels of price agreement at current levels, which could lead to static price action. If BTC breaks above this level, the next high volume node appears at $20,000.
After hitting a short-term bottom on November 22, the price of ETH has rallied 12% since then, showing early signs of a potential uptrend. The difference between the recent price action of ETH and BTC is that ETH pushed the high volume node at $1200 and the next stop above was $1340.
Read the full technical review here.