Is Sam Bankman-Fried’s Alameda a scam? The website has disappeared

The unfortunate development surrounding Sam Bankman-Fried’s FTX exchange and its affiliates is the biggest twist in the cryptocurrency industry so far in Q4 2022.

Sam placed 8 billion in Panama and emptied Alameda (website deleted) and Ftx. It’s unbelievable to blame CZ when Sam has knowingly done so much damage to cryptocurrencies (look at the resignations over the last few months).

– Crypto Damos (@CryptoDamos). November 9, 2022

The plummeting price of FTT, the native token of the FTX platform, has dragged down the entire cryptocurrency market, bringing other projects to their knees. The bitcoin marked a new low at $15,750.

The fear, uncertainty and doubt (FUD) created by this event cast great doubt on many projects, especially those operating under the Proof-of-Stake protocol. The sentiment that caused the cryptocurrency market to wreck was derived from the report of huge FTT volume in Alameda’s portfolio.

Although little has been corroborated, the takedown of Alameda’s website sends a dangerous signal that has raised the level of panic in the cryptocurrency market.

The fall of FTX: will Sam Bankman-Fried become the new Do Kwon?

Binance suspends its acquisition of FTX

BREAKING NEWS 🚨:

🔸#Binance Would ultimately be unfavorable to the takeover of the platform. #FTX ⬇️😰

– The ₿log (@Theblog44). November 9, 2022

Before the Alameda website became inaccessible, Binance had opted to buy FTX, given the difficulties it was facing. Apparently, the deal was put on hold due to a case of irregularities in the FTX exchange’s books.

With reports like this and the demise of the website, cryptocurrency users can only speculate on the real situation. There is no doubt that the crisis of FTX, Alameda and other subsidiaries has been confirmed.

The emerging fear is that this does not turn into a deliberate and well-orchestrated scam.

Not long ago, investors in LUNA faced the ultimate fears of cryptocurrency investors when the cryptocurrency went to zero and the founder of the project, Do Kwon, remained unaccounted for.

At the time of writing, no suspicions about the whereabouts of Sam Bankman-Fried or members of his team have been reported.

The price of the FTX token could drop to $0.008 because of this.