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Hacked cryptocurrency exchange Poloniex said it has mostly completed restoration efforts and is preparing to resume operations after suffering the major hack on Nov. 10. Justin Sun’s crypto currency exchange Poloniex is preparing to resume operations after suffering a major hack in mid-November, according to an official company announcement posted on Nov. 15 In the statement, the company said that the platform has “mostly completed” the restoration efforts after the $100 million hack. “The platform is now operating smoothly,” Poloniex said in its most recent update on the resumption of deposit and withdrawal services. The exchange has enlisted a “top-tier security auditing firm” to enhance the security of funds on Poloniex and is preparing to resume withdrawals soon, the firm said, adding: “Currently, they are in the final stages of the security audit and verification processes for Poloniex. Upon completion of the audit, we will promptly resume deposit and withdrawal services on our...

A new legislative investigation found some crypto ATMs charging a premium as high as 33%, while a few ATMs had limits of up to $50,000. California legislators have proposed a new bill titled “Digital financial asset transaction kiosks,” calling for a cap on crypto ATM withdrawals of $1,000 per day in light of growing scams. Additionally, starting in 2025, the law would limit operators' fees to $5 or 15% (whichever is higher). The bill, if approved, would come into effect on January 1, 2024. The bill was introduced after legislative members visited a crypto ATM in Sacramento and found markups as high as 33% on some crypto assets compared to their prices on crypto exchanges. On average, a crypto ATM charges fees between 12% and 25%, according to a legislative analysis. Government officials also found ATMs with limits as high as $50,000, prompting them to take regulatory measures to curb such high premiums and withdrawal limits. There are more than 3,200 Bitcoin (BTC) ATMs in Califo...

Earlier this week, customers of Binance US, Abra, and Swan, which all held bitcoin at custodian Prime Trust, began complaining about delayed withdrawals. By Wednesday, Bitcoin Magazine CEO David Bailey had tweeted, “Major custodian about to declare bankruptcy without last minute bailout. Take your Bitcoin off exchanges, even bitcoin-only platforms.” Naturally, negative rumors about Prime Trust began to swirl. On Thursday morning, during a Twitter Spaces live audio event, Bailey responded to a question about Prime Trust by implying that a major custodian might be trying to raise an emergency $25 million before a June 11 deadline. After naming Prime Trust, the host relayed a question to Bailey: “How much money do they need? Do they need money?” Bailey responded, “ I would pull $25 million by the start of business Monday . It’s possible that the timeline is off.” The host then went on to press Bailey on meetings with investors and the sentiment surrounding a last-minute bailout, to ...