Foresight Ventures has acquired crypto news site The Block in a $70 million deal. Foresight Ventures will hold an 80% share of the company, with The Block CEO Larry Cermak remaining in his position. The acquisition will provide The Block with more capital to expand into Asia and the Middle East. Foresight CEO Forest Bai will become chairman and partner Tony Cheng will join the board of directors. The deal aims to attract more users from Asia and Foresight has committed to advertising with The Block for the first year. Foresight also holds minority stakes in other cryptocurrency media entities in Asia. The acquisition comes after former CEO Michael McCaffrey resigned amid allegations of undisclosed loans. The Block previously underwent a leadership shake-up resulting in layoffs.
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