Today in cryptocurrencies: Which developments stood out?

Bitfarms is expanding further into the US market, with rival Riot Platforms acquiring more shares of Bitfarms. Holograph’s token plummeted following a hack. Additionally, Gary Gensler said spot Ethereum ETFs may begin trading soon. Ok crypto-How was June 14 for the money market?

Crypto mining company Bitfarms is increasing its operations

Bitfarms announced its expansion into the United States on June 14, building a new 120 megawatt (MW) field in Sharon, Pennsylvania.

The expansion is expected to enhance Bitfarms’ operational footprint, supporting 8 EH/s capacity by 2025 and increasing the company’s total power capacity to 648 MW, a 170 percent increase over current capacity.

Alongside Bitfarms’ expansion announcement, Riot Platforms also announced that it has increased its ownership stake in Bitfarms to 14 percent. The additional 1,432,063 Bitfarms nominal shares acquired by Riot represent approximately 0.35 percent of Bitfarms’ issued and outstanding shares.

Holograph became a victim of hacking

Tokenization platform hologram‘s token dropped nearly 80 percent after a hacker attacked the protocol’s operator contract and minted 1 billion HLG worth $14.4 million on June 14.

Taking advantage of the smart contract vulnerability, the attacker minted 1 billion HLG tokens in nine processes, and after 10 minutes, the price of HLG began to fall.

Over the next nine hours, the token dropped 79.4 percent from $0.014 to $0.0029, and its market cap dropped from approximately $22 million to $4.8 million.

CMT Digital crypto researcher Matt Casto believes the hacker is a “malicious developer” who funded Holograph’s operator agreement address 26 days ago. Holograph said it launched its own investigation into X and contacted law enforcement.

Spot ETH S-1 confirmations will likely arrive this summer

SECPresident Gary Gensler gave a tentative timeline for when spot Ether (ETH) ETFs might begin trading in the US.

At a hearing before the Senate Banking Committee on June 13, Gensler said he expected the regulator to approve S-1 registration statements for ETH asset managers “over the summer.”

On May 23, the SEC approved 19b filings for many asset managers. However, S-1 applications must also be approved before new ETH ETFs can begin processing.

“All of the applications that were processed on the Ethereum exchange (I think there were eight or nine) that came before us from the exchanges were jointly approved,” Gensler said. “Individual issuers are still working on a streamlined employee registration process, and I would imagine there will be a midway through this summer…”