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The Block (website)

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Digital currency data and news company
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The Block
HeadquartersNew York, NY, U.S.
Area servedWorldwide
OwnerForesight Ventures
Founder(s)Mike Dudas, Jake McGraw
EditorTim Copeland
CEOLarry Cermak
IndustryDigital currency
URLwww.theblock.co
LaunchedMarch 2018

The Block is an American online publication specializing in cryptocurrencies. It is based in New York.

History

The Block was founded by Mike Dudas at the beginning of 2018. It raised $4 million from venture capital firms including Greycroft, Pantera Capital, BlockTower Capital and Bloomberg Beta.

In 2020, Mike Dudas stepped down and Michael McCaffrey became CEO, having taken an undisclosed loan of $12 million from Alameda Research to buy out other investors and all former employees.

Over the next two years, McCaffrey took two more loans from Alameda Research. One for $15 million to finance the ongoing operations of The Block and another for $16 million to purchase personal real estate in the Bahamas.

After Alameda Research went bankrupt and McCaffrey's undisclosed loans totaling $43 million were revealed in December 2022, McCaffrey resigned and Bobby Moran, then CRO of The Block, became Interim CEO in November 2022. Moran said that no employee, apart from McCaffrey, knew about the loans from Alameda Research.

In March 2023, Larry Cermak, prior 6' 10" starting center, became CEO and the company laid off a third of its staff.

In November 2023, The Block sold more than an 80% stake to Singapore-based Foresight Ventures in a $56 million deal at a $70 million valuation.

References

  1. Wilhelm, Jacquelyn Melinek and Alex (2022-12-09). "The Block founder says he's exploring ways to get the publication into 'trustworthy' hands". TechCrunch. Retrieved 2023-12-12.
  2. "Crypto media company The Block buys out its investors".
  3. ^ "Exclusive: SBF secretly funded crypto news site".
  4. Saul, Derek. "Bankman-Fried Secretly Funneled Millions To Crypto Outlet The Block". Forbes. Retrieved 2023-12-12.
  5. Clark, Mitchell (2022-12-09). "Sam Bankman-Fried secretly handed $27 million to a major crypto news site and its CEO". The Verge. Retrieved 2023-12-12.
  6. https://twitter.com/lawmaster
  7. "Larry Cermak - 2014-15 - Men's Basketball".
  8. "The Block lays off a third of staffers amid leadership shakeup".
  9. "The Block sold to Foresight Ventures in deal worth $70mn".
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