Inside Sam Bankman-Fried’s $1B bet on a bitcoin miner on the Kazakh Steppe

Just before crypto markets plunged last year, Sam Bankman-Fried‘s hedge fund made a $1 billion bet on Genesis Digital Assets, a Cyprus-registered bitcoin miner rigged to consume a small city’s worth of electricity in Kazakhstan.

The cash injection from Mr. Bankman-Fried’s Alameda Research LLC was supersized even…


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