The Block CEO Michael McCaffrey has tendered his resignation after not reporting a slew of loans from Sam Bankman-Fried's <a href="https://www.cryptoknowmics.com/news/alameda-research-to-repay-two-large-loans-denominated-in-bitcoin-and-ether">Alameda Research</a>, the accused former leader of <a href="https://www.cryptoknowmics.com/news/ftx-japan-gets-three-month-reprieve-to-stop-business">FTX</a>. He was the sole individual at the firm who knew about the funding.
<h2>Bobby Moran to Replace McCaffery After The Block CEO Tenders Resignation</h2>
According to a <a href="https://medium.com/the-block-crypto/ceo-transition-e2700caed741" target="_blank" rel="nofollow noopener">statement</a> from the firm, Bobby Moran, the chief revenue officer of The Block, will take over as CEO simultaneously.

In a declaration, Moran said that aside from Mike, no one at The Block had any information about this financial agreement. He further stated that the Block has seen no indication that Mike ever tried to illegally manipulate the press or research groups, especially in their reporting of <a href="https://www.cryptoknowmics.com/news/sbf-no-longer-a-billionaire-after-14-6b-overnight-wipe-out">SBF</a>, FTX, and Alameda Research.
<h2>Three Loans of McCaffrey</h2>
A total of three loans were given to McCaffrey, the initial of which, for $12 million, was employed in 2021 to purchase out other investors in the supplier of cryptocurrency news, statistics, and research. At that point, he became the CEO and took over daily operations. The second $15 million debt in January was used to support day-to-day activities, whereas another $16 million earlier this year was employed to acquire personal real estate in the Bahamas.

The resignation is the most recent in a line of business losses brought on by Bankman-Fried's <a href="https://www.cryptoknowmics.com/news/crypto-exchange-rtcoin-not-licensed-in-germany-bafin">crypto</a> empire failing. McCaffrey will leave his position as CEO and the company's board, which will now have three members. The business is presently looking to add two more people to the extended group to join Moran. The majority stakeholder in the business is still McCaffrey.

The Block CEO Resigns After Failure to Reveal Loans from SBF's Alameda

Michael McCaffrey, the chief executive officer of The Block, resigned after not reporting a slew of loans from Sam Bankman-Alameda Fried's Research.

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The Block CEO Resigns After Failure to Reveal Loans from SBF's Alameda

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