Sam Bankman-Fried’s Supersized Bet: $1 Billion for a Bitcoin Miner on the Kazakh Steppe

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

The money injection from Mr. Bankman-Fried’s Alameda Research LLC was supersized even for the red-hot crypto startup world, and it dwarfed the FTX founder’s other investments in private corporations.

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