Crypto media site The Block has been secretly funded for the past two years by Sam Bankman-Fried’s Alameda Research, according to a report by Axios. The bloc confirmed the report on Friday.
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The Block CEO Michael McCaffrey has immediately resigned after the loans have been revealed. He will also step down from The Block’s board of directors.
No one in the company knew about the loans except for McCaffrey, according to the company.
McCaffrey received three loans for a total of $43 million from 2021 to this year, confirmed The Block.
The first loan was for $12 million in 2021 to buy out other investors in the media company, when McCaffrey took over as CEO.
The second was $15 million in January to fund day-to-day operations.
The third was $16 million earlier this year for McCaffrey to purchase personal real estate in the Bahamas.
Bobby Moran, chief revenue officer of The Block, will take on the role of CEO with immediate effect, according to the report.
“From our own experience, we have seen no evidence that Mike ever sought to improperly influence newsroom or research teams, especially in their coverage of SBF, FTX and Alameda Research,” Moran said in a statement.
Frank Chaparro, editor of The Blocksaid in a tweet that he was “gutted by this news”, which was made known by the company on Friday afternoon, adding that McCaffrey “kept all of us in the dark”.
The Block is a competitor of CoinDesk.
Overview of tokens
bitcoin (BTC) and Ether (ETH): BTC, the largest cryptocurrency by market cap, was trading around $17,140, roughly flat over the past 24 hours. BTC has hovered around the $17,000 mark for 10 consecutive days. Ether followed a similar pattern, slipping 0.8% to $1,260 at press time.
Recover.ai (FETs): The blockchain-based project focused on artificial intelligence (AI) was the best performer this week among 167 digital assets in the CoinDesk Market Index (CMI). The price of its native FET token has risen from 6 cents at the start of the week to now 11 cents, rising 80% in the five days since Sunday and 36% in the past 24 hours alone as of press time. The price hike came after the release of an upgrade to the Fetch.ai Wallet with features like “easier to use messaging”, “fewer server interactions”, and “faster load times”.
FTX Token (FTT): The cryptocurrency native to failed crypto exchange FTX surged on Friday after platform founder Sam Bankman-Fried spoke out in favor of a proposed exchange recovery plan. a crypto influencer Ran Neuner. The FTT token jumped 47% to $1.97, its highest level since Nov. 16, after Bankman-Fried’s tweet at 08:18 UTC, according to data from TradingView. The token has since returned to $1.64.
CoinDesk Market Index (CMI)
−6.1 ▼ 0.7%
−79.5 ▼ 0.5%
−17.9 ▼ 1.4%
S&P 500 daily close
−29.1 ▼ 0.7%
+20.4 ▲ 1.1%
10-year Treasury yield
BTC/ETH Price by CoinDesk Indices; gold is the COMEX spot price. Prices from around 4 p.m. ET
Crypto Market Analysis: Bitcoin in Doldrums as Investors Watch FTX Hearing, FOMC Meeting
By Glenn Williams Jr.
Bitcoin (BTC) and ether (ETH) were essentially flat over the past week, with the two largest cryptocurrencies by market value trading 0.005% and 0.006% higher than the last price recorded on December 2. . Volume for both was flat, with trading activity slightly below their respective 20-day moving averages.
BTC appears to be running into potential resistance at current levels. A look at the asset’s Volume Profile Visible Range (VPVR) indicator indicates high levels of price agreement at current levels, which may lead to static price movement. If BTC breaks above this level, the next high volume node appears at the $20,000 level.
The price of ETH, since hitting a short-term low on Nov. 22, shows the beginnings of a potential uptrend, with prices up 12% since that day. A distinction between the recent price action of ETH and BTC is that ETH moved above a high volume node at $1,200, with the next stop above being at $1,340.
Read the full technical take here.
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