Platypus Hackers Acquitted After Perpetuating $9 Million Exploit
Mohammed and Benamar M., two brothers accused of exploiting Platypus, an avalanche-based automated market maker (AMM) platform, were acquitted of any criminal wrongdoing in a landmark case for French justice. The judge in charge stated that the individuals just interacted with a smart contract that provided more than expected.
Background on the Case
Two individuals linked to the exploit of Platypus, a stablecoin-focused automated market-making (AMM) platform built on top of Avalanche, have been acquitted of criminal wrongdoing in France. The Paris Judicial Court dropped charges of accessing a computer system, money laundering, and concealment for Mohammed and Benamar M., two brothers who managed to siphon over $9 million from Platypus' smart contract using an exploit.
The two individuals arrested in February never denied that they exploited the platform. Instead, Mohammed acknowledged the facts, arguing that he had acted as a "white hat hacker" to help the platform correct its bugs.
According to Mohammed, he exploited the emergency withdrawal function of Platypus' smart contract with the intention of returning the funds later and receiving a bonus of at least 10% of the amount involved. This approach has become common in recent hacking attempts.
However, Mohammed lost control of an address that now holds almost $8.5 million, which is now unrecoverable. In a subsequent attempt, he managed to withdraw over $280,000 from the smart contract, sending it to a mixing service to obscure the source of the funds, and finally transferring $13,000 to his brother, Benamar.
The Court's Ruling
The court dismissed the charge of accessing an automated data processing system, as Mohammed had only interacted with a smart contract that provided more than expected. The judge also rejected the money laundering and concealment charges.
However, the judge did not accept the defense's argument of ethical hacking and stated that the defendants might face liability in a subsequent civil complaint.
According to Le Monde, the judge stated:
"You still have a debt linked to the loan, and Platypus will probably pursue civil proceedings against you. This decision is therefore not simple, as the charges do not hold up on a criminal level."
Platypus' History of Exploits
Platypus has experienced three exploits this year, resulting in a loss of over $11 million. The platform has been targeted by hackers multiple times, highlighting the need for increased security measures.
What are your thoughts on the court's decision in the Platypus exploit case? Share your opinions in the comments section below.
Frequently Asked Questions
How much gold can you keep in your portfolio
The amount of capital required will affect the amount you make. You can start small by investing $5k-10k. As you grow, you can move into an office and rent out desks. This way, you don't have to worry about paying rent all at once. Only one month's rent is required.
You also need to consider what type of business you will run. In my case, we charge clients between $1000-2000/month, depending on what they order. This is why you should consider what you expect from each client if you're doing this kind of thing.
As freelance work requires you to be paid freelancers, your monthly salary won't be as high as mine. So you might only get paid once every 6 months or so.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k in gold and working my way up.
How much money should my Roth IRA be funded?
Roth IRAs can be used to save taxes on your retirement funds. The account cannot be withdrawn from until you are 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. You cannot touch your principal (the amount you originally deposited). This means that you can't take out more money than you originally contributed. If you wish to withdraw more than you originally contributed, you will have to pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. Withdrawing your earnings will result in you paying taxes. For example, let's say that you contribute $5,000 to your Roth IRA every year. In addition, let's assume you earn $10,000 per year after contributing. This would mean that you would have to pay $3,500 in federal income tax. So you would only have $6,500 left. Since you're limited to taking out only what you initially contributed, that's all you could take out.
The $4,000 you take out of your earnings would be subject to taxes. You'd still owe $1,500 in taxes. On top of that, you'd lose half of the earnings you had taken out because they would be taxed again at 50% (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
There are two types: Roth IRAs that are traditional and Roth. A traditional IRA allows for you to deduct pretax contributions of your taxable income. To withdraw your retirement contribution balance plus interest, your traditional IRA is available to you. There are no restrictions on the amount you can withdraw from a Traditional IRA.
Roth IRAs won't let you deduct your contributions. Once you are retired, however, you may withdraw all of your contributions plus accrued interest. There is no minimum withdrawal amount, unlike traditional IRAs. It doesn't matter if you are 70 1/2 or older before you withdraw your contribution.
Who is entitled to the gold in a IRA that holds gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
This tax-free status is only available to those who have owned at least $10,000 of gold and have kept it for at minimum five years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
It is a good idea to consult an accountant or financial planner to learn more about your options.
Can I have physical gold in my IRA
Not only is gold paper currency, but it's also money. Gold is an asset people have used for thousands years as a place to store value and protect their wealth from economic uncertainty and inflation. Today, investors use gold as part of a diversified portfolio because gold tends to do better during financial turmoil.
Today, many Americans invest in precious metals such as gold and silver rather than stocks and bonds. Even though owning gold is not a guarantee of making money, there are many reasons why you might want to add gold to your retirement savings portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Between August 2011 and early 2013 gold prices soared nearly 100 percent, while the S&P 500 plunged 21 percent. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
Another benefit to investing in gold? It has virtually zero counterparty exposure. Your shares will still be yours even if your stock portfolio drops. But if you own gold, its value will increase even if the company you invested in defaults on its debt.
Finally, gold offers liquidity. This means you can easily sell your gold any time, unlike other investments. It makes sense to buy small quantities of gold, as it is more liquid than other investments. This allows you to profit from short-term fluctuations on the gold market.
What is the Performance of Gold as an Investment?
Gold's price fluctuates depending on the supply and demand. Interest rates can also affect the gold price.
Because of their limited supply, gold prices can fluctuate. Additionally, physical gold can be volatile because it must be stored somewhere.
Which precious metals are best to invest in retirement?
These precious metals are among the most attractive investments. They're both easy to buy and sell and have been around forever. Consider adding them to the list if you're looking to diversify and expand your portfolio.
Gold: Gold is one of man's oldest forms of currency. It is also extremely safe and stable. Because of this, it's considered a good way to preserve wealth during times of uncertainty.
Silver: Silver is a popular investment choice. This is a great choice for people who want to avoid volatility. Silver is more volatile than gold. It tends to rise rather than fall.
Platinum: This precious metal is also becoming more popular. Like gold and silver, it's very durable and resistant to corrosion. However, it's much more expensive than either of its counterparts.
Rhodium. Rhodium is used as a catalyst. It is also used for jewelry making. It's also relatively inexpensive compared to other precious metals.
Palladium (or Palladium): Palladium can be compared to platinum, but is much more common. It's also much more affordable. This is why it has become a favourite among investors looking for precious metals.
What tax is gold subject in an IRA
The fair value of gold sold to determines the price at which tax is due. When you purchase gold, you don't have to pay any taxes. It isn't considered income. If you sell it later, you'll have a taxable gain if the price goes up.
As collateral for loans, gold is possible. Lenders look for the highest return when you borrow against assets. In the case of gold, this usually means selling it. It's not guaranteed that the lender will do it. They may hold on to it. They might decide to sell it. You lose potential profits in either case.
In order to avoid losing your money, only lend against your precious metal if you plan to use it to secure other collateral. It is better to leave it alone.
Statistics
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
External Links
law.cornell.edu
- 7 U.S. Code SS7 – Designation board of trade as contract marketplaces
- 26 U.S. Code SS 408 – Individual retirement funds
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads and Example. Risk Metrics
bbb.org
irs.gov
How To
Gold Roth IRA guidelines
It is best to start saving early for retirement. Start saving as soon and as often as you're eligible (usually around 50 years old) and keep going until retirement. You must contribute enough each year to ensure that you have adequate growth.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. They are a great option for those who do not have access to employer matching money.
Save regularly and continue to save over time. If you aren't contributing the maximum amount permitted, you could miss out on tax benefits.
—————————————————————————————————————————————————————————————-
By: Sergio Goschenko
Title: Platypus Exploiters Acquitted of Wrongdoing in Landmark Case
Sourced From: news.bitcoin.com/platypus-exploiters-acquitted-of-wrongdoing-in-landmark-case/
Published Date: Mon, 04 Dec 2023 00:30:01 +0000
