Need to Know What Happened in Crypto Today?
Stay updated with the latest trends and events impacting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulation.
Bitcoin mining company Bitfarms announced on June 14 its expansion into the United States with a new 120 megawatt (MW) site in Sharon, Pennsylvania. This expansion aims to enhance Bitfarms’ operational footprint, targeting an 8 EH/s capacity by 2025 and increasing the company’s total power capacity to 648 MW, a 170% increase from the current capacity.
In conjunction with Bitfarms’ expansion, Riot Platforms disclosed that it has increased its ownership stake in Bitfarms to 14%. Riot acquired an additional 1,432,063 common shares of Bitfarms, representing approximately 0.35% of Bitfarms’ issued and outstanding shares.
Holograph Falls 80% Hours After Exploit
The token of the tokenization platform Holograph plummeted nearly 80% after a hacker exploited the protocol’s operator contract, minting 1 billion HLG tokens worth $14.4 million on June 14. The attacker executed nine transactions to mint these tokens by exploiting a smart contract vulnerability, causing HLG’s price to tumble within 10 minutes.
Over the next nine hours, the token’s value dropped 79.4%, from $0.014 to a low of $0.0029, with its market cap falling from nearly $22 million to $4.8 million.
Crypto researcher Matt Casto from CMT Digital suggested that the hacker might be a “rogue dev” who funded Holograph’s operator contract address 26 days ago. Holograph announced it has launched its own investigation and is in contact with law enforcement.
Spot ETH S-1 Approvals Likely Coming This Summer
SEC Chair Gary Gensler provided a tentative timeline for when spot Ether (ETH) ETFs could begin trading in the United States. In a June 13 hearing before the Senate Banking Committee, Gensler stated he expects the SEC to approve S-1 registration statements for ETH asset managers “sometime over the course of the summer.”
On May 23, the SEC approved 19b-filings for several asset managers. However, before the new ETH ETFs can begin trading, S-1 filings must also be approved. Gensler mentioned that the process for individual issuers is progressing smoothly and approvals are anticipated this summer.
