In case you missed out: top crypto and Web3 news for November 18 in brief

Well, it’s Friday and the end of the work week for most of you. So we won’t bore you with complicated analysis and numbers. We just gathered interesting news for November 18 together and briefly described only the most important things.

Fear of contagion

Cryptocurrency services company Genesis Block Trading (not to be confused with Genesis Global Capital), will discontinue over-the-counter (OTC) trading services due to contagion risks from the now-bankrupt FTX exchange. DCG will therefore close all of its positions to restore some liquidity. The trading portal will close on December 10.

There’s a wave

Layer-1 blockchain from former Meta developers, the Sui Network, has launched its test network. “Wave 1” will be used for validators and full nodes to “improve decentralized coordination and incident response, identify a core group of operators with experience in deployment, monitoring and debugging.

Sui is considered a competitor to Aptos blockchain, another Layer-1 project founded by former Meta employees. Aptos and Sui use the same programming language called Move. A serious vulnerability was recently discovered in that language.

🎉🥳Hello Validators! A milestone for the #Sui history books: Sui Testnet Wave 1 is live!🌊

This is a huge step towards a decentralized Sui Mainnet, as this is the first instance of a Sui Network with non-Mysten Labs operators.

Builders: continue building on Devnet 🧵(1/8)

— Sui (@SuiNetwork) November 17, 2022

Another crypto scammer

The founder of Thodex, Faruk Fatih Ozer, one of Turkey’s largest crypto exchanges, will be extradited to Turkey after being arrested in Albania in August on charges of fraud and running a criminal organization. Last year, Ozer’s exchange closed, and he fled to Albania.

A new addition to the metaverse

H&M will work with the Institute of Digital Fashion (IDF) to create a digital collection called “The Metaverse Design Story. It will be available for viewing via Snapchat AR fashion lenses. Some parts of the collection’s outfits are made of recycled polyester fiber.