Shakepay, the Canadian crypto app, has recently revealed a data breach that occurred, impacting a specific group of its customers. The breach, which was discovered on December 13, 2023, resulted in unauthorized access to personal information but did not compromise any bank accounts, crypto wallets, or customer credentials.
Addressing Data Breach Concerns and Offering Free Credit Monitoring
After identifying unusual activity on an employee's work device, Shakepay's security team took immediate action to deauthenticate and remove the compromised device from their network. This swift response is part of the company's incident response protocol, aimed at minimizing the impact of such breaches.
An investigation conducted by Shakepay revealed that the breach occurred between March and December 2023 and resulted in the extraction of personal details belonging to a small segment of customers. The potentially exposed information includes names, emails, addresses, birth dates, phone numbers, occupations, trusted contacts, account balances, and transaction history. This incident highlights the ongoing challenges faced by digital currency platforms in protecting user data.
Users on social media expressed their concern about the breach. One individual responded to Shakepay's announcement on X (formerly Twitter), stating, "Nobody can protect your data. I don't care how good of a company you are. The weak link employee will get owned. KYC information = future stolen information. Also, March to December? That's bad opsec." Another person accused the company of doxxing people who trusted them.
Following the breach, Shakepay advised customers to remain vigilant against fraudulent activities. They recommended upgrading to stronger account security methods, such as two-factor authentication, being cautious of suspicious communications, and changing passwords. The company stressed the importance of logging in only through official channels and using unique, strong passwords.
To support affected customers, Shakepay has implemented additional security measures and is offering two years of free credit monitoring to mitigate the risk of identity theft. They have set up a dedicated email address for impacted customers and are actively cooperating with law enforcement and regulatory authorities to investigate the breach and prevent future incidents.
"Your trust is the most important thing for us at Shakepay, and we will do everything we can to maintain it," the company concluded in its message. "Please know that the security of your money and personal information is always our top priority, and we continue to closely monitor the situation and take every necessary step to protect your personal data and pursue those responsible."
What are your thoughts on the Shakepay data breach incident? Share your opinions in the comments section below.
Frequently Asked Questions
What is a Precious Metal IRA (IRA)?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These are “precious metals” because they are hard to find, and therefore very valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
Bullion is often used to refer to precious metals. Bullion refers only to the actual metal.
Bullion can be purchased through many channels including online retailers and large coin dealers as well as some grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This allows you to receive dividends every year.
Precious metal IRAs are not like regular IRAs. They don't need paperwork and don't have to be renewed annually. Instead, your gains are subject to a small tax. Plus, you can access your funds whenever you like.
How is gold taxed in Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
You don't pay tax if you have the money in a traditional IRA/401k. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
The rules that govern these accounts differ from one state to the next. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. In Massachusetts, you can wait until April 1st. New York has a maximum age limit of 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
What are the advantages of a IRA with a gold component?
There are many benefits to a gold IRA. It can be used to diversify portfolios and is an investment vehicle. You decide how much money you want to put into each account, and when you want it to be withdrawn.
You also have the option to transfer funds from other retirement plans into a IRA. This makes for an easy transition if you decide to retire early.
The best part is that you don't need special skills to invest in gold IRAs. These IRAs are available at all banks and brokerage houses. Withdrawals are made automatically without having to worry about fees or penalties.
However, there are still some drawbacks. The volatility of gold has been a hallmark of its history. Understanding why you want to invest in gold is essential. Are you looking for growth or safety? Do you want to use it as an insurance strategy or for long-term growth? Only by knowing the answer, you will be able to make an informed choice.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. A single ounce isn't enough to cover all of your needs. Depending on the purpose of your gold, you might need more than one ounce.
You don't have to buy a lot of gold if your goal is to sell it. You can even get by with less than one ounce. But, those funds will not allow you to buy anything.
How is gold taxed within 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's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
For loans, gold can be used to collateral. Lenders will seek the highest return on your assets when you borrow against them. This usually involves selling your gold. There's no guarantee that the lender will do this. They may just keep it. They may decide to resell 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. You should leave it alone if you don't intend to lend against it.
Can I buy gold using my self-directed IRA
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute as high as $5,500 ($6,500 if they are married and jointly) to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts are financial instruments that are based on gold's price. They allow you to speculate on future prices without owning the metal itself. However, physical bullion is real gold or silver bars you can hold in your hands.
How do you withdraw from an IRA that holds precious metals?
You first need to decide if you want to withdraw money from an IRA account. Next, ensure you have enough cash on hand to pay any penalties or fees that could be associated with withdrawing funds.
Consider opening a taxable brokerage instead of an IRA if it is possible to pay a penalty if your withdrawal is made before the deadline. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, calculate how much money your IRA will allow you to withdraw. This calculation is dependent on several factors like your age when you take the money out, how long you have had the account, and whether or not your plan to continue contributing.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. While traditional IRAs are tax-free, Roth IRAs can be withdrawn at any time after you reach 59 1/2. However, Roth IRAs will charge income taxes upfront and allow you to access your earnings later without additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. Most brokers offer free signup bonuses and other promotions to entice people to open accounts. You can save money by opening an account with a debit card instead of a credit card to avoid paying unnecessary fees.
When it comes time to withdraw your precious metal IRA funds, you will need a safe location where you can keep your coins. Some storage facilities can accept bullion bar, while others require you buy individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Bullion bars require less space, as they don't contain individual coins. But you will have to count each coin separately. However, individual coins can be stored to make it easy to track their value.
Some people prefer to keep their coins in a vault. Others prefer to store them in a safe deposit box. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
Statistics
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
External Links
irs.gov
finance.yahoo.com
forbes.com
- Gold IRA: Add Some Sparkle To Your Retirement Nest Egg
- Understanding China's Evergrande Crisis – Forbes Advisor
bbb.org
How To
Investing in gold or stocks
These days, it might seem quite risky to invest your money in gold. This is because most people believe that it is no longer economically profitable to invest gold. This belief is due to the fact that many people see gold prices dropping because of the global economy. They believe they would lose their money if they invested gold. There are many benefits to investing in gold. Here are some examples.
The oldest form of currency known to mankind is gold. There are thousands of records that show gold was used over the years. It is a valuable store of value that has been used by many people throughout the world. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
It is important to determine the price per Gram that you will pay for gold when making a decision about whether or not to invest. It is important to determine the price per gram you are willing and able to pay for gold bullion. You could contact a local jeweler to find out what their current market rate is.
It is important to remember that even though gold prices have dropped in recent times, the cost of making gold has risen. The price of gold may have fallen, but the production costs haven’t.
Another thing to remember when thinking about whether or not you should buy gold is the amount of gold you plan on purchasing. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. This is not a wise decision if you're looking to invest in long-term assets. Profitable gold can be sold at a lower price than it was when you bought it.
We hope that this article has helped you gain a better understanding and appreciation for gold as an investment option. We recommend you do your research before making any final decisions. Only after doing so can you make an informed decision.
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By: Jamie Redman
Title: Crypto App Shakepay Discloses Data Breach Affecting a Portion of Customers
Sourced From: news.bitcoin.com/crypto-app-shakepay-reveals-data-breach-affecting-a-small-number-of-customers/
Published Date: Sat, 16 Dec 2023 22:00:27 +0000
