Written by Nick Heer.

The Block, a Crypto News Site, Was Secretly Funded by Alameda Research

Sara Fischer, Axios

The Block, a media company that says it covers crypto news independently, has been secretly funded for over a year with money funneled to The Block’s CEO from the disgraced Sam Bankman-Fried’s cryptocurrency trading firm, sources told Axios.

Sarah Kopit, the Block:

The Block Chief Executive Officer Michael McCaffrey resigned after failing to disclose a series of loans from disgraced former FTX head Sam Bankman-Fried’s Alameda Research. He was the only person with knowledge of the funding at the company.

Bobby Moran, The Block’s chief revenue officer, will step into the role of CEO, effective immediately, according to a company statement.

I am beginning to think this whole industry is lousy.