Larry Cermak takes over as CEO of The Block after former CEO resigns over undisclosed loan from Alameda Research
Crypto media company The Block has announced a new CEO, Larry Cermak, following the resignation of former CEO Michael McCaffrey. Cermak, who had been with The Block for almost five years, previously led the company’s crypto research team and is now taking on the challenge of guiding The Block to profitability. He is joined by Evgeny Gaevoy, CEO of market maker Wintermute, who has joined The Block’s board. The changes come after McCaffrey resigned when it was revealed that he had accepted three undisclosed loans from Alameda Research totaling $43 million.
Cermak tweeted about the changes, saying that The Block needs to adapt to fluctuations in the market and become relentless again. He also announced some difficult choices, including focusing on core revenue-generating roles and streamlining the workforce, but emphasized the company’s commitment to doubling down on research, data, and free news.
Some personal news after a much-needed Twitter hiatus. Today, I’m stepping into the CEO role at The Block. I’m also excited that @EvgenyGaevoy is joining the board, and together with the team, we’ll work to strengthen our position following a challenging year.
— Larry Cermak (@lawmaster) March 31, 2023
McCaffrey’s loans were allegedly used to fund the purchase of stockholders, day-to-day operations, and personal property in the Bahamas, where FTX, a company affiliated with Alameda, is based. McCaffrey chose not to reveal the loans out of concern that they would jeopardize The Block’s integrity in covering FTX.
The appointment of Cermak as CEO and Gaevoy to the board marks a new chapter for The Block. The company faces challenges in the ever-changing crypto market, but with a strong focus on research and quality content, it remains well-positioned to serve as a go-to source for institutional investors and other stakeholders in the industry.
The Block is one of the largest crypto news outlets in the world, with traffic ranging from 1.7 million to 3 million per month, according to SimilarWeb.
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