Illustration by Alex Castro / The Verge
Sam Bankman-Fried, former CEO of failed crypto exchange FTX, loaned $27 million to Michael McCaffrey, the CEO of crypto publication The Block, to help it stay afloat, according to a Medium post from the site’s chief revenue officer, Bobby Moran. Bankman-Fried also loaned McCaffery $16 million, some of which helped him purchase property in the Bahamas, where FTX is headquartered, according to Axios, which broke the story.
McCaffrey is stepping down from his position today and will be replaced by Moran. Moran writes that McCaffrey kept the funding secret from everyone else in the company until revealing it before Thanksgiving this year.
3/ The loan was to an entity I own and the funds were used to effect the restructuring. In early…
