According to the Wall Street Journal, Alameda Research, owned by Sam Bankman-Fried, invested 1 billion dollar in Genesis Digital Assets, one of the largest Bitcoin (BTC) mining companies based in Kazakhstan last year.
Sam Bankman-Fried’s 1 billion dollar investment in this company was unusually large even for the conditions at the time, and it also eclipsed the FTX founder’s investments in other companies. It should be noted that Genesis Digital Assets has nothing to do with Genesis Trading company within DCG. It can be difficult to get these investments back from Genesis Digital. Bitcoin mining company valuations have dropped a lot lately.
According to Cyprus corporate registration documents and people familiar with Genesis Digital, only about half of Alameda funds in Genesis Digital went into the company’s operations. More than 500 million dollar bought the existing shares of the two co-founders of Genesis Digital, a previously unreported detail.
Source: https://www.tpr.org/2023-01-09/this-year-may-be-pivotal-for-the-future-of-cryptocurrency
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