Cash trickling back to Voyager customers

Good morning. Popular crypto data provider DeFiLlama plans to adjust double-counted TVL, Voyager prepares to return some cash to customers, and one exchange says they will list ETH proof-of-work tokens that meet their security requirements. All that and more today!

Market Update (as of 8:23am ET):

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Top 5:

1. Data provider DeFiLlama de-emphasizes double-counted crypto deposits after Saber revelation. In response to the CoinDesk article about the Macalinao brothers and inflated TVL (total value locked) values on the Solana network, crypto data provider DeFiLlama has decided to adjust its default presentation of TVL. The site has now switched off display of protocols’ double-counted crypto assets which reduced TVL for some protocols by billions of dollars. The company says they will also "spend the next few days reviewing all protocols again to check again against double counting.”

2. WazirX CEO's project Shardeum is raising funds at a $200 million valuation. Shardeum is a blockchain scaling project co-founded by Nischal Shetty, CEO of Indian crypto exchange WazirX. The project is looking to raise $18 million at a $200 million valuation (in this economy?!?) ahead of a Q4 launch later this year. Shardeum uses a technique called sharding, hence the name, to increase block space driving higher transaction throughput and lower fees. Other projects like Ethereum 2.0, NEAR, and Zilliqa are implementing similar techniques to scale their networks, but of course Shetty says Shardeum's version is unique. One possible fly in the ointment for this funding round...Shetty's other company, WazirX, recently had $8 million in assets frozen by Indian authorities for allegedly helping instant loan apps launder money.

3. Voyager to begin processing cash withdrawals next week. The crypto brokerage firm has received approval from a bankruptcy judge to begin to return $270 million of investors' cash that has been frozen since beginning its bankruptcy filings last month. The company anticipates that customers will be able to withdraw funds beginning on Thursday this week with withdrawals processing in within 5-10 days after requests are made. $1.3 billion in digital assets remain on the Voyager platform and belong to the bankruptcy estate. These assets will be shared by all creditors with further bankruptcy hearings to decide the distribution.

4. Huobi plans to list post-merge Ethereum forks that meet its security requirements. The crypto exchange plans to list and offer trading services for any hard forks of Ethereum post-Merge as long as the forks meet their security requirements. The push to maintain a proof-of-work version of the Ethereum network is being led by Chinese crypto miner, Chandler Guo. Huobi was originally founded in China, but has since relocated to the Seychelles.

5. Crypto lender Hodlnaut freezes withdrawals, citing market conditions. Singapore-based crypto lending firm Hodlnaut joins the list of firms that have frozen withdrawals this year after the crypto market downturn. The company followed the usual playbook by citing "difficult market conditions" and said the decision was needed to stabilize liquidity and preserve assets while focusing on a longer-term solution.

Updates and other stories:
- North Korea's Lazarus hackers blamed in deBridge Finance cyberattack...Read More
- Uniswap ‘fee switch’ Pilot likely to go ahead...Read More
- Beanstalk stablecoin relaunches four months after $182 million exploit...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.