Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Nov. 29-Dec. 5, 2022

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.

Are you ready for the crunch? Let’s get started.

Into the Cannaverse

CannaVerse Technologies, a strong advocate for marijuana and its medicinal uses, created Cannaland to leverage Web3 services and blockchain technology to usher cannabis into the virtual world. Cannaland is cultivating the world’s first cannabis-focused metaverse to achieve this goal.

The grand vision for Cannaland: A one-stop, virtual platform for all things related to cannabis cultivation, extraction, manufacturing, distribution, retail sales 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 are Flocking to Bitcoin

Crypto investors are once again flocking to Bitcoin. In the wake of the FTX downfall, the resulting bear market is attracting non-whale individual investors back to the DeFi sector’s most popular coin. 

Smaller retail investors have turned 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 Nov. 27.

Alameda Research Withdrew Millions Before FTX Bankruptcy Filing

According to analysis from 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, pulled $204 million from eight different addresses of FTX US in a variety of crypto assets, the majority of them stablecoins, in the final days before the collapse.

FTX still owes over $3.1 billion to its various creditors. 

BlockFi Files for Bankrputcy

BlockFi is the latest crypto lender to declare chapter 11 bankruptcy following the catastrophic fall of FTX. BlockFi was previously rescued by the now-defunct exchange following Terra’s stablecoin collapse. 

According to a statement, BlockFi has $256.9 million on hand. It has filed motions “to pay employee wages and continue employee benefits without disruption.” It also seeks 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 with the Supreme Court of Bermuda, according to the statement.

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