Affected by the bear market, operational funding involving SBF, cryptocurrency media outlet The Block is expected to lay off 27 employees on Friday.

According to sources cited by the foreign media outlet Blockworks, blockchain media company The Block is set to lay off 27 employees on Friday, as reported by four anonymous individuals.

The Block Funding Scandal

The Block completed a restructuring in April 2021, with Michael McCaffrey taking over as CEO. However, it was not disclosed until just before Thanksgiving last year that the funding came from a loan to SBF in the company's name.

This lack of transparency and neutrality has severely impacted The Block, leading to Bobby Moran, Chief Revenue Officer, temporarily taking over as CEO. Michael McCaffrey resigned from his positions as CEO and board member but remains one of the major shareholders of The Block.

There is no evidence yet to suggest that The Block has shown bias towards SBF in its news reporting. The Block research team, including Frank Chaparro and Deputy Chief Research Officer Larry Cermak, both stated that they were completely unaware of the source of operational funds before.

The Block CEO had loaned $43 million to SBF, owned property in the Bahamas, and the Chief Revenue Officer has taken over as CEO