HomeCrypto NewsMarketCardano Founder Reacts As SBF Secret Funding To 'The Block' News Outlet Comes To Light

Cardano Founder Reacts As SBF Secret Funding To ‘The Block’ News Outlet Comes To Light


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Hoskinson believes the funding is responsible for negative reports about Cardano.

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In a recent report, CNN Media analyst Sara Fischer revealed that FTX founder Sam Bankman-Fried (SBF) secretly funded cryptocurrency news outlet The Block, and its CEO Michael McCaffrey, for over a year.

Details of the Funding

According to Fischer, The Block’s CEO received three loans from SBF, totaling $43 million from 2021 to this year. The first loan worth $12M was part of SBF’s efforts to buy out investors in the crypto media company in April 2021. In January 2022, SBF provided another loan worth $15 million to fund The Block’s daily operations.

Thirdly, SBF also loaned The Block’s CEO a whopping $16 million earlier this year to enable him to acquire private real estate.

McCaffrey resigned as CEO after the secret loan was brought to light, with Bobby Moran, The Block’s Chief Revenue Officer, stepping into the CEO role.

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Reacting to the development, Moran said in a statement:

“My immediate reaction was anger, frustration, and concern for all my colleagues. Everyone has worked incredibly hard over the years — since before I joined and since I’ve been here — to be fair, accurate, and independent in their coverage, and I thought this would call that into question. And that’s frustrating.” 

Cardano Founder Reacts

The report has prompted a series of reactions from members of the crypto industry. Many have started doubting the credibility of The Block’s FTX, SBF, and Alameda Research coverage.

Cardano founder Charles Hoskinson is among the top crypto players who commented on SBF’s secret loan to The Block. Hoskinson took to Twitter to remind ADA enthusiasts about the recent negative coverage Cardano has gotten.

“Remember all that anti-Cardano coverage,” Hoskinson tweeted.

Hoskinson has often lamented the lack of cryptocurrency media and VC’s support for Cardano. He believes that most crypto media outlets quickly publish negative reports about Cardano.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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