Welcome to Miami

Good morning. Today in the CT5 Celsius is attempting to restructure debts on various DeFi platforms, Justin Sun is "ready to serve" struggling crypto firms, and a former 3AC incubated fund prepares for legal action. All that and more today.

Market Update (as of 9:02am ET):

My asks from you:
- Forward to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
- If you're new, hit that pink subscribe button just below this section
- Send any and all feedback to jmaxxyoungii@gmail.com
- Add us to your Contact List so this newsletter doesn't end up in your spam folder

Top 5:

1. Terra projects begin moving to Polygon months after UST debacle. According to Polygon Studios CEO Ryan Wyatt, more than 48 former Terra projects have begun to migrate over to the Polygon network. In May, Polygon Studios announced a multi-million dollar fund to help projects with the transition and offered “$20 million, roughly” to provide financial and technical assistance. Some of the projects migrating include the Lunaverse metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn game.

2. Celsius pivots toward paying off Aave, Compound debt, with $950M collateral as prize. Last week, struggling crypto lender Celsius paid down $223 million in loans on the Maker DeFi protocol that freed up $450 million in collateral. Now it appears they will pursuing a similar strategy with other DeFi platforms, Aave and Compound. According to blockchain intelligence firm Nansen, a crypto wallet linked to Celsius reduced outstanding debt to Aave and Compound from $258 million to $235 million. If these loans are fully paid off, Celsius could reclaim $950 million in assets to shore up their balance sheet.

3. Justin Sun says he's ready to spend $5 billion on acquisitions as crypto firms struggle. Tron founder Justin Sun says that he has engaged an investment bank to advise on potential deals with struggling crypto firms. The $5 billion figure is a mix of both Sun's personal wealth and the Tron DAO's reserves. Sun claims that around 50 to 100 companies have reached out to him about receiving financial assistance and stated that, "our interest is platforms with a large user base, both CeFi and DeFi platforms."

4. With litigation likely, venture fund DeFiance takes aim at Three Arrows Capital. DeFiance Capital, a venture fund incubated by 3AC, is now considering legal action against the company that helped them get their start. The partnership which saw the two companies co-invest on several deals soured with the 3AC insolvency and has left DeFiance stuck in the unending sprawl of bankruptcies, restructurings, and other lawsuits that 3AC left in its wake. The two companies also shared certain service providers for their respective funds and it remains unclear who paid the bills for each provider. DeFiance for their part is not insolvent and it is estimated the fund still manages around $100 million in assets.

5. Miami’s Gold Rush: Finance firms and crypto move in, bringing strains. A boom in finance and crypto is driving up rent faster than anywhere else in the country and forcing out lifelong residents. According to the City of Miami, over the past 18 months $2 trillion in assets under management have moved into the city with firms like Elliott Management Corp., Point72 Asset Management, Schonfeld Strategic Advisors and Millennium Management either relocating their headquarters or expanding in the area. Miami is now also home to Yuga Labs, a16z crypto, and of course the Bitcoin Conference.

Updates and other stories:
- Binance volume surges after zero trading fee policy goes live...Read More
- Troubled crypto lender Celsius hires new restructuring lawyers...Read More
- Yam Finance thwarts governance attack aimed at hijacking its treasury...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.