Crypto NFT Today: The Latest Blockchain, Cryptocurrency and NFT News: Nov. 29-Dec. 5, 2022
Welcome to another edition of Crypto NFT Today! If you like cryptocurrency, NFTs and riding emotional roller coasters, this is the place to be.
Are you ready for the crunch? Let’s get started.
Enter the Cannaverse
CannaVerse Technologies, a strong advocate of marijuana and its medicinal uses, created Cannaland to leverage Web3 services and blockchain technology to bring cannabis into the virtual world. Cannaland is cultivating the world’s first cannabis-focused metaverse to achieve this goal.
The big vision for Cannaland: A one-stop, virtual platform for everything related to cannabis cultivation, extraction, production, distribution, retail and consumption.
Providing monetary infrastructure is the Cannaland Token (CNLT), which will act as the primary currency for transactions in its metaverse.
‘Shrimp’ and ‘Crab’ Investors Flock to Bitcoin
Crypto investors are once again flocking to Bitcoin. In the wake of the FTX downfall, the resulting bear market is attracting individual non-whale investors back to the DeFi sector’s most popular coin.
Smaller retail investors have become increasingly bullish on Bitcoin and started accumulating more BTC despite the ongoing market crisis, according to a report released by the blockchain intelligence platform Glassnode on November 27.
Alameda Research withdrew millions before FTX bankruptcy filing
According to analysis by blockchain firm Arkham Intelligence, Alameda Research withdrew over $200 million from FTX.US before filing for bankruptcy.
In a Twitter thread, Arkham revealed that Alameda Research, FTX’s sister company, withdrew $204 million from eight different addresses of FTX US in a variety of crypto assets, most of them stablecoins, in the last days before the collapse.
FTX still owes over $3.1 billion to its various creditors.
BlockFi files for bankruptcy
BlockFi is the latest crypto lender to file for Chapter 11 bankruptcy following the catastrophic fall of FTX. BlockFi was previously rescued by the now-defunct exchange after Terra’s stablecoin collapse.
According to a statement, BlockFi has $256.9 million on hand. It has submitted proposals to pay employee wages and continue employee benefits without interruption. It is also seeking to “establish a key employee retention plan to ensure the company retains trained internal resources for business-critical functions” and has created an internal plan to reduce expenses.
BlockFi International has also filed for bankruptcy in the Supreme Court of Bermuda, according to the statement.
