Crypto news site The Block sells 80% stake

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.”

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Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.