Ripple Seeks Lower SEC Fines, Bitfarms Expands in US, Holograph Token Value Plummets
Summary:
Ripple is urging for a reduced civil penalty in its SEC lawsuit, leaning on a recent case involving Terraform Labs. In other news, Bitfarms is expanding into the US market with a new site in Pennsylvania, while Riot Platforms is increasing its stake in Bitfarms. Meanwhile, Holograph's token value plunged nearly 80% following a cyber exploit.
Legal advocates for blockchain firm Ripple are suggesting a more modest penalty in their existing lawsuit, drawing on a recent U.S. Securities and Exchange Commission (SEC) occurrence concerning Terraform Labs. Bitfarms seeks to solidify its presence further in the US market as competitor Riot Platforms acquires additional shares. On another note, Holograph's cryptocurrency experienced a severe drop following a cyber exploit.
Lawyers acting on behalf of Ripple have asked a court to consider "fitting" civil penalties in their legal dispute with the SEC. In a juridical filing on June 13 in the U.S. Southern District of New York, Ripple's legal team presented a supplementary authority notice, opposing the SEC's exorbitance in desiring steep civil penalties. They referenced a $4.5-billion settlement between Terraform Labs and the securities regulator from earlier in the week. Despite the SEC's request for approximately $2 billion in penalties, Ripple has contended that it should not be held liable for more than $10 million.
Meanwhile, Bitcoin mining entity Bitfarms issued a statement on June 14 regarding its planned foray into the US market, with a new 120-megawatt (MW) location outlined for Sharon, Pennsylvania. This move aims to boost Bitfarms' operating scale, bolster its capacity to 8 EH/s by 2025, and enhance its total power capacity to 648 MW — an increase of 170% from the current capacity. In parallel with Bitfarms' growth plans, Riot Platforms also publicised an increase in its stake in Bitfarms to 14%.
The digital currency of the tokenization platform, Holograph, dipped almost 80% after an adversary exploited the scheme’s operator contract and produced 1 billion HLG tokens, worth $14.4 million on June 14. The malefactor produced 1 billion HLG tokens across nine transactions, utilising a weakness in the smart contract. Subsequent to this exploit, HLG's value plummeted markedly.
Matt Casto, a crypto researcher at CMT Digital, hypothesises that the malicious actor could be a "rogue developer" who contributed funds to Holograph’s operator contract address around 26 days ago. Holograph has since declared that it has embarked on its own investigation into the matter and has contacted law enforcement officials.
Published At
6/14/2024 9:27:07 PM
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