A majority stake in crypto media company The Block has been sold to Singapore venture capital firm Foresight Ventures. After the deal was completed, Foresight Ventures acquired an 80% stake in The Block, paying approximately $60 million in return.
The company was majority owned by former CEO Mike McCaffrey. McCaffrey left office after it was revealed that he had received a million-dollar loan from FTX founder Sam Bankman-Fried. This situation was reflected in the press because the block was secretly funded by FTX. It was discovered that money was transferred from accounts linked to Bankman-Fried directly into McCaffrey’s personal accounts.
Foresight announced that The Block will continue to operate as an independent company and that CEO Larry Cermak will retain his position. Cermak is also the second largest shareholder.
Foresight’s CEO will become chairman of the board of directors of Forest by the Block, while the company’s partner Tony Cheng will also serve on the board of directors. Thus, two of the four board seats will be held by Foresight.
Foresight also has minority stakes in three crypto media outlets in Asia, including the Chinese language Blocktempo and Foresight News and the Korean language Coinness.
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