Crypto media company The Block sold a majority stake to Singaporean venture capital firm Foresight Ventures in a deal valuing the crypto outlet at $70 million, report Lucinda Shen and Sara Fischer of Axios.
Shen and Fischer report, “Former CEO Mike McCaffrey — who held a majority stake in The Block — was ousted last year after it was discovered that he had taken multimillions of dollars in loans from FTX founder Sam Bankman-Fried.
“McCaffrey used the funds to help finance a Bahamian property and a buyout of The Block’s non-employee shareholders in 2021, Axios’ Sara Fischer reported last year.
“Foresight Ventures, which some $400 million in assets under management, is buying a stake worth roughly $60 million for about an 80% share of the company.”
Read more here.