Cardano Founder Reacts as SBF’s Secret Funding at Block News Outlet Comes to Light

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

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

Funding Details

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

Third, SBF also loaned The Blocks CEO $16 million earlier this year to enable him to acquire private real estate.

McCaffrey stepped down as CEO after the secret loan came to light, with Bobby Moran, Chief Revenue Officer of The Blocks, assuming the role of CEO.

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 arrived and since I’ve been here to be fair and accurate and independent in their coverage, and I thought that would challenge that. And it’s frustrating.

Cardano founder reacts

The report prompted a series of reactions from members of the crypto industry. Many began to doubt the credibility of The Blocks FTX, SBF, and Alameda Research coverage.

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

Remember all that anti-Cardano coverage, Hoskinson tweeted.

Remember all that anti-cardano coverage… https://t.co/LPyszeLhHm

— Charles Hoskinson (@IOHK_Charles) December 9, 2022

Hoskinson has often lamented the lack of cryptocurrency supports and VC support for Cardano. He thinks that most crypto media are quick to publish negative reports on Cardano.

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