According to The Block, McCaffrey received three loans for a total of $43 million from 2021 through this year. The first loan was for $12 million in 2021 to buy out other investors in the media company, at which time McCaffrey took over as CEO. The second was for $15 million in January to fund day-to-day operations, and the third was for $16 million earlier this year for McCaffrey to purchase personal real estate in the Bahamas, according to The Block.

Founder of The Block, Mike Dudas, expressed distress on Twitter in anticipation of the news of a  “business betrayal” that the community was “all going to learn about” shortly.

In a tweet thread on Friday, McCaffrey said that in early 2021, the company was in dire straits and “the only option that materialized” was to secure a $12 million loan for his holding company from SBF.

He said he didn’t disclose that loan, nor a subsequent $15 million loan, to anyone since he didn’t want knowledge of the loan to be seen as compromising the objectivity of the coverage of Bankman-Fried and his companies.