A recent Bloomberg report revealed that a Singapore-based investor, Foresight Ventures, is acquiring a majority stake in crypto news publication The Block.
According to Bloomberg, this move comes after a series of leadership changes within the company and a desire to “distance itself” from a former CEO’s association with “clandestine loans” from Sam Bankman-Fried’s Alameda Research.
The deal, worth over $50 million, involves Foresight Ventures acquiring the stake from the former executive, Michael McCaffrey.
Foresight Ventures Secures Majority Stake In The Block
The Block had undergone several leadership changes and was keen on severing ties with its former CEO, who had accepted undisclosed loans from Alameda Research.
The former executive McCaffrey is alleged to have secretly accepted three separate loans totaling $43 million from the trading firm owned by Bankman-Fried. The Block’s reporting on the deal was published after FTX’s collapse.
Notably, McCaffrey is said to have used some of the borrowed funds to buy out other investors in The Block and provide working capital for the crypto news site.
Per the report, Foresight Ventures, a digital asset-focused venture firm based in Singapore, acquired the majority stake in The Block through a direct transaction with McCaffrey.
The venture firm has deployed…
