{"id":1771252,"date":"2022-12-10T14:47:00","date_gmt":"2022-12-10T19:47:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1771252"},"modified":"2022-12-10T14:47:00","modified_gmt":"2022-12-10T19:47:00","slug":"sam-bankman-fried-secretly-helped-crypto-news-outlet-ceo-buy-apartment-in-the-bahamas","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-secretly-helped-crypto-news-outlet-ceo-buy-apartment-in-the-bahamas\/","title":{"rendered":"Sam Bankman-Fried Secretly Helped Crypto News Outlet CEO Buy Apartment In The Bahamas"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsam-bankman-fried-secretly-helped-crypto-news-outlet-ceo-buy-apartment-in-the-bahamas%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1771252&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">Cryptocurrency<\/a> news outlet The Block secretly received millions of dollars in funds from disgraced former FTX CEO <a href=\"http:\/\/dailywire.com\/topic\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried<\/a>.<\/p>\n<p>Mike McCaffrey, the outlet\u2019s former chief executive, resigned from his role on Friday after he told chief revenue officer Bobby Moran that Bankman-Fried provided $27 million in loans through his trading firm, Alameda Research. No other employees at The Block reportedly had any knowledge of the financial arrangement.<\/p>\n<p>\u201cThis news came as both a shock and disappointment to The Block leadership team,\u201d Moran said in a <a href=\"https:\/\/medium.com\/the-block-crypto\/ceo-transition-e2700caed741\" target=\"_blank\" rel=\"noopener\">statement<\/a>. \u201cMike\u2019s decision to take out a loan from SBF and not disclose that information demonstrates a serious lack of judgment. It undermines The Block\u2019s reputation and credibility, especially that of our reporters and researchers, as well as our efforts at industry-leading transparency.\u201d<\/p>\n<p>Moran claimed that McCaffrey did not seek to \u201cimproperly influence the newsroom or research teams\u201d in their coverage of Bankman-Fried and his now-bankrupt cryptocurrency empire.<\/p>\n<p>Officials at the Securities and Exchange Commission have opened a criminal investigation into the entrepreneur to determine whether he broke the law by transferring FTX customer funds to Alameda Research, according to a <a href=\"https:\/\/www.dailywire.com\/news\/federal-prosecutors-open-criminal-investigation-into-disgraced-ftx-founder-sam-bankman-fried-report-says\" target=\"_blank\" rel=\"noopener\">report<\/a> from The New York Times. Bankman-Fried plans to <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-agrees-to-testify-before-congress-i-had-thought-of-myself-as-a-model-ceo\" target=\"_blank\" rel=\"noopener\">testify<\/a> before the House Financial Services Committee next week. Members of the Senate Agriculture Committee <a href=\"https:\/\/www.dailywire.com\/news\/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times\" target=\"_blank\" rel=\"noopener\">held<\/a> a hearing with Commodity Futures Trading Commission Chairman Rostin Behnam on increasing oversight of the cryptocurrency sector.<\/p>\n<p>The Block\u2019s announcement came as a <a href=\"https:\/\/www.axios.com\/2022\/12\/09\/bankman-fried-funded-crypto-news-site-block\" target=\"_blank\" rel=\"noopener\">report<\/a> from Axios detailed the transactions. One of the loans, amounting to $16 million, was used in part to buy McCaffrey an apartment in the Bahamas, where FTX is headquartered. The other loans were utilized to fund the buyout of The Block through LLCs controlled by McCaffrey, who acquired a majority stake in the company.<\/p>\n<p>\u201cAs this news becomes public, our work will be held up to the most rigorous scrutiny,\u201d Moran added. \u201cWe are confident that any objective analysis will show that our team\u2019s work has been and remains fair, independent, and accurate. The Block\u2019s mission remains more vital than ever: to be the leading source for objective, impactful, and timely information covering the world of digital assets.\u201d<\/p>\n<p>The Block, which is wholly owned by employees after a restructuring last year, will have revenue of approximately $20 million this year, largely through advertisements and subscriptions. The unprofitable company nevertheless plans to continue operating. Reporters for the outlet recently <a href=\"https:\/\/www.youtube.com\/watch?v=zGNiYt1GN_4&#038;t=20s\" target=\"_blank\" rel=\"noopener\">interviewed<\/a> Bankman-Fried for their podcast.<\/p>\n<p>Several other publications had <a href=\"https:\/\/www.dailywire.com\/news\/left-of-center-media-accepted-millions-from-democrat-donor-and-disgraced-crypto-wunderkind-sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">portrayed<\/a> Bankman-Fried as an \u201ceffective altruist\u201d who donated his fortune to causes such as \u201cpandemic prevention.\u201d Even after his companies\u2019 recent liquidity crunch, Bankman-Fried has been the subject of multiple puff pieces. The 30-year-old had formerly given multimillion-dollar grants to various outlets through his nonprofit entity Building a Stronger Future. ProPublica and The Intercept were promised $5 million and $4 million, respectively, to investigate issues such as biosecurity and public health preparedness. Vox likewise received a grant that would allow employees to execute \u201ca project on technological and innovation bottlenecks that hamper human progress.\u201d<\/p>\n<p>Bankman-Fried, a prolific <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">campaign donor<\/a>, has denied accusations of overt criminality. New York Times financial columnist Andrew Ross Sorkin <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-denies-wrongdoing-in-ftx-implosion-during-live-streamed-new-york-times-interview\" target=\"_blank\" rel=\"noopener\">told<\/a> the entrepreneur that he received multiple letters from FTX customers who accused Bankman-Fried of stealing their life savings, prompting him to say that he was \u201cdeeply sorry about what happened.\u201d After Sorkin pressed him on the alleged intertwining of funds between his companies, Bankman-Fried claimed that a \u201cfailure of oversight\u201d on his part resulted in confusion rather than any desire to defraud investors for his own profit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency news outlet The Block secretly received millions of dollars in funds from disgraced former FTX CEO Sam Bankman-Fried. Mike McCaffrey, the outlet\u2019s former chief executive, resigned from his role on Friday after he told chief revenue officer Bobby Moran that Bankman-Fried provided $27 million in loans through his trading firm, Alameda Research. No other &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1890699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[7299,7654,7176,3850,6987,6202,5954,4133,5209,6912,5378,6195],"class_list":["post-1771252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-apartment","tag-bahamas","tag-bankman-fried","tag-ceo","tag-crypto","tag-daily","tag-helped","tag-news","tag-outlet","tag-sam","tag-secretly","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1771252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1771252"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1771252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890699"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1771252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1771252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1771252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}