Alameda Bet Big on Crypto Miner Genesis Before Sector Implosion

One of the bigger questions surrounding the collapse of Sam Bankman-Fried’s crypto empire is what venture investments his trading firm Alameda Research poured billions of dollars in.

A company document indicates that his largest bet was on the Bitcoin mining company Genesis Digital Assets during the height of the crypto gold rush. Alameda continued to pour money into the firm even as the price of Bitcoin tumbled and soaring energy costs wreaked havoc across the industry.

FTX’s implosion is leading to a collapse of confidence in many centralized crypto exchanges.

Source: Bloomberg

Alameda has invested a total of about $1.15 billion in Genesis Digital, valuing the company at $5.5 billion in an April fund-raising ...