Bankrupt crypto company Alameda invested $1.15 B in Bitcoin mining: Report
Reportedly Alameda Research is holding huge amounts of funds invested in the crypto mining sector.
Crypto adoption surging rapidly in the world, despite a significant downfall in the prices of the majority of crypto assets. To this date, there are many types of crypto-related services available and all such services are helping to get better diversification of the fund’s investment, to remain away from big losses in case a single platform went bankrupt.
Recently Bloomberg covered a report on behalf of a document. The document revealed that Alameda Research invested 4 times in Genesis mining, a crypto-mining company.
The total funds invested by Alameda Research is $1.15 Billion, So basically these funds investments are in safe hands and probably the current employees from Alameda will get some financial advantages.
Alameda Research filed for Bankruptcy
On 12 November, Alameda Research filed for bankruptcy with its core company FTX crypto exchange. Reportedly the back-end team from the FTX crypto exchange transferred $1.2 Billion to Alameda Research and also this exchange faced huge problems because of the huge mismanagement of the user’s fund.
It is worth noting that invested funds by Alameda Research in Genesis Mining are still under some suspicion in the eyes of crypto investors because the core company Genesis Global Trading recently filed for bankruptcy in a US court, which faced an outflow of huge funds because of the FTX exchange bankruptcy.
As we know that crypto mining always remains a more transparent business, so here we should not think that Genesis mining is doing anything wrong in its backend operations. Also, it is now separate from Genesis Global Trading.
Genesis Global Trading was holding the majority of the funds on the FTX exchange and the downfall of FTX resulted in a bankruptcy situation for Genesis Global also.
Read also: Apple vs Coinbase controversy may result in crypto adoption
