Weekly Cryptocurrency News. Friday, March 3

Friday, 3rd of March. As the week comes to an end, we can focus on the highlights of the crypto industry over the past few days.

Decentraland to host its second fashion week

Between March 28 and 31, the Decentraland metaverse will host its second virtual fashion week, MVFW 2023. It is reported by WWD.

The event is arranged through a collaboration with NFT-marketplace UNXD, as was the first fashion week in 2022.

The core theme of the event is “Future Heritage.” The show “will demonstrate the potential of interoperability between open metaverses, and push the boundaries of what digital fashion can mean.”

Attendees include Adidas, DressX, The Fabricant, DKNY, Perry Ellis, Tommy Hilfiger, Dolce & Gabbana, Dundas and others. Well over 30 participating companies have made exclusive collections of virtual clothing in the form of NFT.

Metaverse Fashion Week will be divided into several zones. The main location is the catwalk with the highlights of the new collections. The organizers also promise a “creativity center” to bring aspiring designers together.

Remember, the men’s magazine Playboy announced the launch of its own metaverse dubbed MetaMansion by the end of 2023.

U.S. investor sues Nexo

John Kress, a California resident, filed a lawsuit against cryptolending platform Nexo for damages caused by a “fraudulent inducement” to take out loans. This is what The Block reports.

According to the complaint, Kress had an interest-bearing account on the platform. He claims Nexo was forced by “false assertions” to borrow additional digital assets, which he had deposited in sophisticated financial products for additional earnings.

The plaintiff stated that he ultimately “suffered millions of dollars in losses because of those misrepresentations.”

Kress referred to himself as a longtime crypto-investor. He purchased Bitcoin in 2014 and Ethereum in 2017. Plaintiff invested assets in Nexo’s profitable products in 2021.

He also pointed to regulatory claims against the company regarding the Earn Interest Product program. The SEC and supervisory agencies in several states have deemed the interest-bearing income product an unregistered offering of securities. 

As of January 2023, the company reached a settlement with the agencies, agreeing to pay $45 million in fines as part of the settlement.

Starting April 1, Nexo will stop offering Earn Interest Product to U.S. investors.

The company denied the charges in the lawsuit, calling them unfounded.

“Mr. Cress has previously been  in contact with us regarding his Nexo account, but he himself walked  away from the conversations. Thus, we believe that this  court claim has opportunistically been filed now due to the news of our  phasing out Nexo’s products from the U.S. market,” a Nexo spokesperson said.

To recap, in January the company faced an outflow of funds amid reports of raids on its Bulgarian offices. They were held as part of an investigation into Nexo’s potential involvement in money laundering.

Jack Dorsey’s alternative to Twitter pops up in the App Store

Bluesky, the decentralized alternative to Twitter backed by the social network’s co-founder and ex-CEO Jack Dorsey, has hit the App Store for iOS. This is reported by TechCrunch.

You can access the app in the beta version for testing by invitation only. According to the publication, it has been downloaded about 2,000 times since February 17.

Dorsey reported on a decentralized social media platform project for the first time in 2019. As of February 2022, the Bluesky PBLLC organization was born.

After Twitter’s management decided to sell the social network to Elon Musk in April, the project reminded itself of its independence.

And in May, the developers published the first part of the open source code for the Authenticated Data eXperiment protocol. Bluesky’s in-store solution is built on its iteration called the AT Protocol.

Reporters received an invitation and tested the app. According to them, its interface is pretty similar to Twitter.

Name, followers, messages and replies are displayed in the account as well. Features include likes, comments and reposts. You can create posts of 265 characters in length, compared with Twitter’s 280.

TechCrunch stressed that the Bluesky team considers the protocol to be the primary product, while the app is designed to just showcase its potential.

In July 2021, DeFi-platform Aave announced the creation of an alternative to Twitter based on Ethereum.

It was February 2022 when developers introduced the Lens Protocol, designed to simplify the creation of social Web3 platforms.

MyAlgo wallet users are asked to withdraw funds due to a hack

The MyAlgo cryptocurrency wallet team advised users to transfer funds to safe addresses due to a series of hacks revealed last week. The intruders have so far succeeded in stealing $9.6 million in cryptocurrencies.

It was noted by the developers that hackers used an untraceable exploit between February 19 and 21. No further attacks followed.

“As we still don’t know the root cause of recent hacks, we encourage everyone to take precautionary measures to protect their assets. Make sure you are transferring funds or rekeying accounts in a safe manner.,” MyAlgo added. 

John Woods, CTO of the Algorand Foundation, later clarified that about 25 accounts were affected by the attacks. To him, the problem is not related to the Algorand protocol or the wallet’s SDK.

Woods explained that the incident did not affect Pera Algo Wallet, another wallet designed for the Algorand blockchain.

As estimated by ZachXBT, the hackers managed to steal 19.5 million ALGOs and 3.5 million USDC for a total of $9.6 million. The ChangeNow exchange suspended $1.5 million in assets stolen.

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