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The Block

Crypto News Site The Block Sealed In $50M Deal As Foresight Ventures Takes Charge

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Exposing A Crypto Heist: Fake Skype App Linked To Loss Of 200,000 USDT

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 around $70 million in crypto and non-crypto projects this year and has a total deployment of approximately $200 million since its inception. 

Debt Repayment Uncertainty

It remains unclear whether McCaffrey will utilize the proceeds from the Foresight Ventures deal to repay the loans to the collapsed hedge fund’s estate or the current status of those loans. 

While McCaffrey has declined to comment, representatives of the FTX estate have not responded to requests for a statement. Forest Bai, CEO of Foresight Ventures, will assume the role of chairman of The Block’s board, and Tony Cheng, a general partner at Foresight Ventures, will also join the board.

Despite the controversy surrounding the association with Bankman-Fried, Foresight Ventures expressed its confidence in The Block’s potential. Forest Bai stated that the firm is not concerned about the media company’s past and is focused on its prospects. 

Related Reading: Dogecoin Price Struggles To Keep Up With Altcoin Rally, Has Elon Musk Abandoned DOGE?

Foresight Ventures acquiring a controlling stake in The Block marks a significant milestone in the ever-evolving crypto news landscape. According to Bloomberg, the decision was made amid leadership changes and the company’s need to distance itself from its former chief executive’s controversial loans.

However, how this acquisition affects the company’s ability to perform and cover the dynamic crypto landscape remains to be seen.

The Block
BTC consolidating above the $36,000 mark on the daily chart. Source: BTCUSDT on TradingView.com

Bitcoin (BTC), the leading cryptocurrency in the market, is being traded at $36,800, indicating a slight decline of 0.8% within the last 24 hours. Nevertheless, BTC has managed to maintain its overall gains of 6% and 36% over the past fourteen and thirty days, respectively. 

Featured image from Shutterstock, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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