BREAKDOWN: SBF ‘Loaned’ the CEO of The Block $43M
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 12 December 2022
⏱️ 20 minutes
🧾️ Download transcript
Summary
About $27 million was used to fund The Block’s operations, while $16 million was used for Bahamas real estate.
This episode is sponsored by Nexo.io, Circle, Kraken and the Galaxy Brains Podcast.
Another day, another betrayal. On Friday, news broke that former FTX CEO Sam Bankman-Fried made three loans totaling $43 million to Michael McCaffrey, CEO of CoinDesk competitor The Block. Those loans went to buying out The Block’s investors, to expanding operations and (of course) to an apartment for McCaffrey in the Bahamas. On today’s episode, NLW looks at the latest betrayal.
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Transcript
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| 0:49.3 | There are two ways to look at this. Sam was spending tens of millions of dollars to get preferential |
| 0:54.7 | coverage in the short term, or Sam was spending tens of millions of dollars in loans that |
| 0:59.0 | theoretically he could call due to have an option to buy out the actual media apparatus |
| 1:04.6 | if and as it was relevant and at a time that suited him. |
| 1:09.3 | Welcome back to The Breakdown with me, NLW. |
| 1:13.5 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 1:19.3 | The breakdown is sponsored by nexo.io, circle, and crack it, and produced and distributed by CoinDesk. |
| 1:27.1 | What's going on, guys? It is Monday, December 12th, and today we are talking about what else, |
| 1:32.5 | another crazy, deceptive thing that Sam did, because that is the story, I guess, of 2022. |
| 1:39.0 | Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, |
| 1:42.7 | give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. |
| 1:48.2 | You can find a link in the show notes or go to bit.ly slash breakdown pod. |
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