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The Block CEO Resigns Because Of FTX

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After failing to disclose several loans made by SBF's Alameda Research and the Block Chief Executive Officer Michael McCaffrey, resigned.

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He was the only person who knew about the company's funding.

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According to a company statement, Bobby Moran, The Block's chief revenue officer, will take over the CEO role immediately. 

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Moran stated that no one from The Block knew about this financial arrangement except Mike. 

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"We have not seen any evidence that Mike sought to influence the newsroom and research teams in any way,

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Especially their coverage of SBF/FTX and Alameda Research, based on our own experiences."

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McCaffrey was granted three loans in total. The first was for $12 million. 

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It was used to purchase other investors in the crypto data, news, and research provider in 2021. 

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McCaffrey assumed the CEO role at that point. The January loan was used to fund day-to-day operations. 

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A $16 million loan was obtained to buy personal property in the Bahamas earlier in the year. 

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McCaffrey will also be stepping down as CEO. The company's board of directors is expected to grow to three members.

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