Crypto news site The Block gets new CEO and reported staff layoffs following admitted ties to SBF
Larry Cermak, vice president of research at The Block, has announced that he will be taking the reins at the crypto and blockchain news website from interim chief executive officer Bobby Moran — the second change in leadership since reports surfaced that former CEO Mike McCaffrey financed the platform through loans from Alameda Research.
In a March 31 tweet, Cermak said he would be stepping up as CEO after roughly five years at the crypto news site. Axios also reported that The Block laid off roughly 33% of its staff — including Moran — in an effort to stabilize the platform following the controversial loans it received from former FTX and Alameda Research founder Sam Bankman-Fried.
"We are not immune to the contraction of the crypto market, and the economy more broadly," the company reportedly said. "We grew too quickly to capitalize on a bull market in crypto. Now, we must shift our strategy and recalibrate our teams to align with the reality of the current market."
"Now that the environment has drastically changed, The Block needs to adjust too."The crypto media company has laid off roughly one-third of its staff as part of a broader leadership shakeup, sources told Axios.https://t.co/MujKKTVsKF
In December 2022, Moran revealed that McCaffrey had used two loans totaling $27 million from Alameda in 2021 in his efforts to restructure the crypto news site. McCaffrey failed to disclose the loans to The Block’s leadership team, a move which led to his resignation as CEO. The Block’s editor-at-large Frank Chaparro, who previously referred to McCaffrey as “literal scum” who betrayed the platform’s staff, lauded Cermak’s advancement to CEO, saying the site was “returning to our crypto native roots”.
Cermak reportedly said he had
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