The Block (website)

The Block is a New York-based company engaged in data, research, and journalism specializing in digital currencies. The Block operates a news website and also provides B2B services for its data, research, and journalism.

History
The Block was founded by Mike Dudas at the beginning of 2018. It raised $4 million from venture capital firms including Greycroft, Pantera Capital, BlockTower Capital and Bloomberg Beta.

In 2020, Mike Dudas stepped down and Michael McCaffrey became CEO, having taken an undisclosed loan of $12 million from Alameda Research to buy out other investors and all former employees.

Over the next two years, McCaffrey took two more loans from Alameda Research. One for $15 million to finance the ongoing operations of The Block and another for $16 million to purchase personal real estate in the Bahamas.

After Alameda Research went bankrupt and McCaffrey’s undisclosed loans totaling $43 million were revealed in December 2022, McCaffrey resigned and Bobby Moran, then CRO of The Block, became Interim CEO in November 2022. Moran said that no employee, apart from McCaffrey, knew about the loans from Alameda Research.

In March 2023, Larry Cermak, prior 6' 10" starting center, became CEO and the company laid off a third of its staff.

In November 2023, The Block sold more than an 80% stake to Singapore-based Foresight Ventures in a $56 million deal at a $70 million valuation.