Timeline of events

Abdumalik Mirakhmedov approached Marco Streng and Marco Krohn from Genesis Mining Limited with a proposal to create a joint venture for bitcoin mining in Kazakhstan. Mirakhmedov then approached Andrei Kim and Rashit Makhat with an offer to join the joint venture.

Mirakhmedov, Makhat and Kim (the three, collectively known as MMK) and Genesis Mining started the Kazakh project on a 50/50 basis with an experimental 1MW mining farm in Astana. The success of this led to a request to expand the capacity to 100 MW.

MMK approached Yermek Alimov with a request to find optimal locations for Kazakh GDA (bitcoin mining) facilities with an uninterrupted and cheap source of electricity. A specific plan was approved for the acquisition of an energy source in one of the energy-rich regions, which would make it possible to launch a crypto farm with a capacity of up to 100 MW in the shortest possible time. At the same time, as a backup scheme, Alimov proposed considering the possibility of launching a crypto-farm based on his personal assets - the ABK building facilities in Karaganda and the Steel 110/10 substation, which has direct access to the busbars of the Karaganda CHPP-3 (this made it possible to launch a farm with a capacity of at least 65-70 MW at a price of $0.02 per kWh).

To fix the already carefully worked out terms of the agreement, MMK used a meeting with Alimov in London. The agreement to transfer Alimov's share in the project took place in Mirakhmedov's London house on Ingram Avenue. Mirakhmedov, on behalf of MMK, agreed with Alimov to work together on a bitcoin mining project in exchange for guarantees that Alimov would provide the project's crypto farms with a reliable energy supply with a price of no more than $0.04 per kWh in an amount of up to 100 MW. It was decided that he would receive a 35% stake in MMK's half share in the future company and an equivalent share of the bitcoins mined from the enterprises he created.

In secret from Alimov, MMK registered the company Zenitka Limited in Cyprus. In May 2021, Zenitka Limited was renamed to Genesis Digital Assets Limited. MMK hid the creation of the company from Alimov and were its sole shareholders along with Genesis Mining. Zenitka Limited's role was to manage assets for Bitcoin mining. Alimov did not receive shares of Zenitka Limited and did not know about its creation.

Alimov negotiated the purchase of an additional power plant. He later made a deposit for it to the seller in the amount of $1.2 million while MMK were organizing financing the deal.

Alimov invested about $1 million of his own funds to repair the Steel substation 110/10 and the administrative buildings while MMK were organizing financing.

According to the agreement with MMK, Alimov transferred the Steel substation 110/10 and the facilities of administrative buildings to Rashit Makhat's Prima Investment Company on very preferential terms. At the same time, he immediately began to receive the agreed volumes of cryptocurrency into his crypto wallet, along with firm guarantees from MMK that his share in the project would be registered as quickly as possible, along with all participants in the project.

Alimov stopped receiving Bitcoin payments from MMK.

Alimov met with MMK in Astana to discuss the project. During this meeting, the first signs and “threats” appeared that MMK would not fulfill its agreed obligations.

Unknown to Alimov, Kim and Makhat have become shareholders of GDA, and he was not given his promised shares. From this period, he considered himself wrongfully excluded from the project and was repeatedly threatened by MMK to not pursue the matter further.

Sam Bankman-Fried and Manuel Stotz, a German citizen who founded Kingsway Capital, another GDA investor, attended president Kassym-Jomart Tokayev's meeting with international bitcoin investors.

Sam Bankman-Fried's Alameda Research invested $1.15 billion in GDA in four tranches: $100 million in August 2021; $550 million in January 2022; $250 million in February 2022; $250 million in April 2022. This investment became Alameda's largest in the list of startups.

SkyBridge Capital, owned by former Donald Trump spokesman Anthony Scaramucci, invested $60 million in GDA.

The Telegram channel of the Kazakh blogger Makhambet Abzhan published information that Makhat is the “right hand” of Kairat Satybaldy, the nephew of the former President of Kazakhstan Nazarbayev, and that the ultimate beneficiary of the GDA in Kazakhstan is Satybaldy.

Sam Bankman-Fried joined the board of GDA in October 2021 but was forced to resign on 10 November 2022. FTX filed for bankruptcy the following day.

Alameda Research, along with FTX and 130 affiliated entities filed for bankruptcy.

A New York court indicted Sam Bankman-Fried on several counts, including securities fraud and money laundering. The jury found him guilty on all charges, during which it was proven that he stole $8 billion from users of the FTX exchange, including for investing in startups. The largest and most extensive investment in this list was GDA.

Yermek Alimov initiated a lawsuit against Abdumalik Mirakhmedov, Rashit Makhat and Andrey Kim and Genesis Digital Assets Limited in the High Court of England and Wales.