CEO of The Block, Michael McCaffrey, resigned on Friday after it was revealed that he received money from Sam Bankman-Fried in the tune of several millions
Michael received loan from SBF on three occasions.
The first was $12m which he used to buy out other investors in the firm prior to becoming CEO
He took $15m to care for operational costs back in January and a $16m loan to purchase personal real estate in the Bahamas.
This news came as a shock to many, including Chief Revenue Officer, Bobby Moran
No one at The Block had any knowledge of this financial arrangement besides Mike”
Bobby Moran
Moran will now step in as the new CEO of The Block
