Prime Trust, a financial institution specializing in providing infrastructure for businesses dealing with digital assets, experienced a significant loss due to a hack in the amount of $32 million. The hack occurred in the form of a security breach that compromised the company’s hot wallets, resulting in the loss of various cryptocurrencies such as Bitcoin, Ethereum, and other digital assets. The incident took place on May 6, causing a temporary halt in withdrawals for Prime Trust customers as the company worked to assess the extent of the damage and implement security measures to prevent future breaches. Prime Trust assured its customers that their assets held in cold storage were safe and unaffected by the hack. The company’s CEO, Kevin Lehtiniitty, emphasized the importance of transparency and accountability in addressing the issue, stating that Prime Trust was working closely with law enforcement and cybersecurity experts to investigate the breach. Despite the significant loss, Prime Trust remained committed to enhancing its security measures and protecting its customers’ assets in the future.
Is Prime Trust halting deposit withdrawal?
Prime Trust is “operating at a substantial deficit” or may even be insolvent, the order said. “On or about J, Respondent was unable to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the Respondent’s balance sheet owed to customers,” the order said.
What is happening with Prime Trust?
Prime Trust filed for bankruptcy in August, roughly two months after Nevada regulators alleged the company was unable to meet its customers’ withdrawal requests.
What is the problem with Primetrust?
Prime Trust’s failure to secure customer funds put them in violation of Nevada’s trust company regulations. This triggered a cascade of license revocations in other states, restricting the company’s business.
Will Celsius go up?
Just looking one year out, Celsius’s forward P/E drops to 50, with analysts expecting fast levels of revenue growth to continue in 2024. If the company can triple its revenue over the next two years — a doable feat given its current growth rate — Celsius will do around $3.3 billion in sales in 2025.
What will happen to Celsius crypto?
CelsiusCelsiusCelsius Network LLC is a cryptocurrency company. Headquartered in Hoboken, New Jersey, Celsius maintained offices in four countries and operated globally.https://en.wikipedia.org › wiki › Celsius_NetworkCelsius Network – Wikipedia was a global cryptocurrency platform and Bitcoin mining company that emerged from Chapter 11 bankruptcy on Janu. On Febru, the Celsius mobile and web apps were shut down, as a part of the winding down of its business operations, as detailed in the Plan of Reorganization.
Is Celsius the next monster?
In terms of growth, Celsius has far exceeded Monster. During the first three quarters of fiscal year 2023, Celsius’ revenue grew by 104%, while Monster’s only increased by 12.8%. If Celsius can maintain this momentum, it has the potential to close the gap with Monster in size.6 days ago
Is Celsius crypto a good investment?
It has moved by 55.18 % in the past week and is currently at $0.32. Infact, in the past 24 hours, CEL has dumped by -7.61 %. There is a slight bearish sentiment in the crypto market. The long term sentiment, however, remains bullish and CEL could hit $1.69 in 2025.
