{"id":525711,"date":"2022-12-12T21:15:55","date_gmt":"2022-12-12T18:15:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/michael-mccaffrey-bought-bahamas-pad-with-loans-from-sam-bankman-fried\/"},"modified":"2022-12-12T21:15:55","modified_gmt":"2022-12-12T18:15:55","slug":"michael-mccaffrey-bought-bahamas-pad-with-loans-from-sam-bankman-fried","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/michael-mccaffrey-bought-bahamas-pad-with-loans-from-sam-bankman-fried\/","title":{"rendered":"#Michael McCaffrey bought Bahamas pad with loans from Sam Bankman-Fried"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a34c91eada57\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a34c91eada57\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/michael-mccaffrey-bought-bahamas-pad-with-loans-from-sam-bankman-fried\/#%E2%80%9CMichael_McCaffrey_bought_Bahamas_pad_with_loans_from_Sam_Bankman-Fried%E2%80%9D\" >&#8220;Michael McCaffrey bought Bahamas pad with loans from Sam Bankman-Fried&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CMichael_McCaffrey_bought_Bahamas_pad_with_loans_from_Sam_Bankman-Fried%E2%80%9D\"><\/span>&#8220;Michael McCaffrey bought Bahamas pad with loans from Sam Bankman-Fried&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>The chief executive officer of a crypto <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> site has resigned after he reportedly failed to disclose $43 million in loans from disgraced FTX founder Sam Bankman-Fried \u2014 part of which was used to buy himself an apartment in the Bahamas.<\/p>\n<p>Michael McCaffrey stepped down as CEO of The Block last week after news of the loans was first <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.axios.com\/2022\/12\/09\/bankman-fried-funded-crypto-news-site-block?utm_source=fark&amp;utm_medium=website&amp;utm_content=link&amp;ICID=ref_fark\">reported by Axios.<\/a> The Block issued a statement <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theblock.co\/post\/193753\/the-block-ceo-resigns-after-failure-to-disclose-loans-from-bankman-frieds-alameda\">confirming the report.<\/a><\/p>\n<p>The Block received three loans from Alameda Research, the hedge fund founded by Bankman-Fried that has been blamed for FTX\u2019s implosion.<\/p>\n<p>The first loan, which was for $12 million, was extended to The Block last year. McCaffrey used the money to buy out other investors and make the company entirely owned by its employees. Soon afterward, McCaffrey, who held a majority stake, took over as CEO, according to Axios.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sam-bankman-fried-senate-committee.jpg?w=1024\" alt=\"Bankman-Fried extended some $43 million in loans to The Block, a crypto news site founded in 2018.\" class=\"wp-image-24982164\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sam-bankman-fried-senate-committee.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sam-bankman-fried-senate-committee.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sam-bankman-fried-senate-committee.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bankman-Fried extended some $43 million in loans to The Block, a crypto news site founded in 2018.<\/figcaption><figcaption><span class=\"credit\">AFP via Getty Images<\/span><\/figcaption><\/figure>\n<p>In January, The Block received another loan \u2014 this one for $15 million, which was used to fund the cash-str<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed site\u2019s day-to-day operations, Axios reported.<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>The third loan for $16 million, was issued in the spring and was used by McCaffrey to buy himself real estate in the Bahamas, according to Axios.<\/p>\n<p>No one at The Block had any knowledge of this financial arrangement besides Mike,\u201d Bobby Moran, The Block\u2019s chief revenue officer who will step into the CEO role, said in a statement. <\/p>\n<p>Last month, FTX filed for Chapter 11 bankruptcy after the company used billions of dollars worth of customer funds to cover losses incurred by Alameda Research. FTX also spent $300 million to buy real estate in the Bahamas.<\/p>\n<p>Journalists at The Block, which was founded in 2018, were stunned when they were informed of the loans.<\/p>\n<p>\u201cMy im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te reaction was anger, frustration and concern for all my colleagues,\u201d Moran told Axios. <\/p>\n<p>\u201cEveryone has worked incredibly hard over the years \u2014 since before I joined and since I\u2019ve been here \u2014 to be fair, accurate and independent in their coverage and thought this would call that into question.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/michael-mccaffrey-ceo-block.jpg?w=1024\" alt=\"Michael McCaffrey stepped down as CEO of the crypto news site The Block after it was learned he bought personal real estate in the Bahamas with loans that he received from Sam Bankman-Fried's Alameda Research.\" class=\"wp-image-24982165\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/michael-mccaffrey-ceo-block.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/michael-mccaffrey-ceo-block.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/michael-mccaffrey-ceo-block.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Michael McCaffrey stepped down as CEO of the crypto news site The Block after it was learned he bought personal real estate in the Bahamas with loans that he received from Sam Bankman-Fried\u2019s Alameda Research.<\/figcaption><figcaption><span class=\"credit\">LinkedIn<\/span><\/figcaption><\/figure>\n<p>The collapse of FTX and the role of Bankman-Fried and others has drawn the scrutiny of federal prosecutors and regulators.<\/p>\n<aside class=\"single__inline-module alignleft\">\n    <\/aside>\n<p>Bankman-Fried is scheduled to testify remotely on Tuesday before Congress. <\/p>\n<p>Bankman-Fried\u2019s ties to The Block is likely to further call into question the news media\u2019s role in failing to hold the disgraced mogul, who has been the beneficiary of largely positive coverage from mainstream outlets, to account.<\/p>\n<p>\u201cFrom our own experience, we have seen no evidence that Mike ever sought to improperly influence the newsroom or research teams, particularly in their coverage of SBF, FTX and Alameda Research,\u201d Moran said.<\/p>\n<p>Brian Armstrong, the CEO of FTX competitor Coinbase, last week hit out at mainstream media outlets for being too soft on Bankman-Fried, who has embarked on an apology tour that has included interviews with The New York Times, Bloomberg, ABC\u2019s \u201cGood Morning America,\u201d and other agencies.<\/p>\n<p>Armstrong also called out Rep. Maxine Waters (D-Calif.) for tweeting that the House Financial Services Committee would \u201cwelcome\u201d Bankman-Fried\u2019s \u201cparticipation\u201d in a hearing on FTX\u2019s downfall next week.<\/p>\n<p>\u201cIt\u2019s been pretty bizarre to kind of watch the whole thing unfold, primarily because I do feel like mainstream media has given a lot of softball interviews, and even\u00a0this tweet back and forth with Maxine Waters\u00a0very politely asking him to attend a hearing, and him politely deferring, it was bizarre,\u201d Armstrong said during an interview with\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/stratechery.com\/2022\/an-interview-with-coinbase-founder-and-ceo-brian-armstrong-about-ftx-and-crypto-realities\/\">tech newsletter Stratechery<\/a>\u00a0published on Thursday.<\/p>\n<p>\u201cI mean, this guy just committed a $10 billion fraud, and why is he getting treated with kid gloves?\u201d Armstrong added. \u201cCompare her tweets about Mark Zuckerberg for instance, who never stole $10 billion from people, whatever you think about the guy.\u201d<\/p>\n<p><em>Additional Reporting by Thomas Barrabi<\/em>\n                        <\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/12\/12\/michael-mccaffrey-bought-bahamas-pad-with-loans-from-sam-bankman-fried\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Michael McCaffrey bought Bahamas pad with loans from Sam Bankman-Fried&#8221; The chief executive officer of a crypto news site has resigned after he reportedly failed to disclose $43 million in loans from disgraced FTX founder Sam Bankman-Fried \u2014 part of which was used to buy himself an apartment in the Bahamas. Michael McCaffrey stepped down&#8230;<\/p>\n","protected":false},"author":1,"featured_media":525712,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/michael-mccaffrey-sam-bankman-fried-comp.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,89897,137115,76127,40445],"class_list":["post-525711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-sam-bankman-fried","tag-12-12-22","tag-cryptocurrency","tag-media"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/525711","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=525711"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/525711\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/525712"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=525711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=525711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=525711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}