NFT Trader Compromised: Loss Estimated at $2.85 Million
According to reports and confirmation from the peer-to-peer non-fungible token (NFT) market platform, NFT Trader, the platform recently experienced a security breach. The assailant took advantage of an outdated smart contract, leading to the theft of esteemed digital collectibles worth nearly $3 million. The stolen NFTs included those from the Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) collections.
Public Statement Issued by NFT Trader
On Saturday, NFT Trader released a public statement on X, alerting users about the attack on old smart contracts. The platform advised users to remove delegation by using the "revoke cash" function to the provided addresses. The affected smart contract addresses were also shared with the users.
Revoke Cash X's official account disclosed that the thief made away with approximately $3 million worth of NFTs, mostly consisting of Bored Apes and Mutant Apes. The Revoke Cash website, which summarized the breach, mentioned that the exact method of the theft remains unclear. However, some of the stolen NFTs have been returned by the exploiter. This gives hope to the affected users that they may recover some of their assets.
A String of Recent Security Breaches
The NFT Trader incident adds to a series of security breaches as 2023 comes to a close. It follows closely behind the Ledger Connect Kit Library mishap and the Okx Dex hack. Research conducted in the previous month revealed that a total of $343 million was stolen from both centralized and decentralized crypto exchanges. With the rising value of non-fungible token assets, they have become attractive targets due to their substantial worth.
Phishing Attacks on NFT Owners
In recent years, owners of non-fungible tokens (NFTs) have increasingly fallen victim to phishing attacks. These scams employ various deceptive strategies to trick victims into disclosing critical information, which is then used to compromise their security systems. As a result, attackers gain access to the digital wallets of unsuspecting victims and steal their NFTs. For instance, in January 2022, an owner of a New York gallery was targeted in a phishing scam, leading to the theft of NFTs valued at $2.2 million.
What are your thoughts on the NFT Trader hack? Feel free to share your opinions in the comments section below.
Frequently Asked Questions
How much should I contribute to my Roth IRA account?
Roth IRAs can be used to save taxes on your retirement funds. These accounts cannot be withdrawn until you turn 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, your principal (the deposit amount originally made) is not transferable. No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule is that you cannot withdraw your earnings without paying income taxes. So, when you withdraw, you’ll pay taxes on those earnings. Let’s take, for example, $5,000 in annual Roth IRA contributions. Let’s also say that you earn $10,000 per annum after contributing. Federal income taxes would apply to the earnings. You would be responsible for $3500 That leaves you with only $6,500 left. The amount you can withdraw is limited to the original contribution.
The $4,000 you take out of your earnings would be subject to taxes. You’d still owe $1,500 in taxes. You’d also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types if Roth IRAs, Roth and Traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. There are no restrictions on the amount you can withdraw from a Traditional IRA.
A Roth IRA doesn’t allow you to deduct your contributions. However, once you retire, you can withdraw your entire contribution plus accrued interest. There is no minimum withdrawal limit, unlike traditional IRAs. You don’t have to wait until you turn 70 1/2 years old before withdrawing your contribution.
Is physical gold allowed in an IRA.
Not just paper money or coins, gold is 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. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. While owning gold doesn’t guarantee you’ll make money investing in gold, there are several reasons why it may make sense to consider adding gold to your retirement portfolio.
Another reason is the fact that gold historically has performed better than other assets in times of financial panic. Between August 2011 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. Gold was one asset that outperformed stocks in turbulent market conditions.
Another advantage of investing in gold is that it’s one of the few assets with virtually zero counterparty risk. Your stock portfolio can fall, but you will still own your shares. You can still own your gold even if the company where you invested fails to pay its debt.
Finally, the liquidity that gold provides is unmatched. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you to profit from short-term fluctuations on the gold market.
What is a Precious Metal IRA, and how can you get one?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These are good investments for your cash and will help you protect yourself from economic instability and inflation.
Precious metals are often referred to as “bullion.” Bullion is the physical metal.
Bullion can be bought via various channels, such as online retailers, large coin dealers and grocery stores.
A precious metal IRA lets you invest in bullion direct, instead of purchasing stock. This ensures that you will receive dividends each and every year.
Precious metal IRAs do not require paperwork nor annual fees, unlike regular IRAs. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.
What precious metals do you have that you can invest in for your retirement?
The best precious metal investments are gold and silver. Both are easy to sell and can be bought easily. You should add them to your portfolio if you are looking to diversify.
Gold: Gold is one the oldest forms currency known to man. It’s stable and safe. 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 tends to move up, not down, unlike gold.
Platinium: Platinum is another form of precious metal that’s becoming increasingly popular. Like gold and silver, it’s very durable and resistant to corrosion. It’s also more expensive than the other two.
Rhodium. Rhodium is used as a catalyst. It’s also used in jewelry making. It is also very affordable in comparison to other types.
Palladium: Palladium is similar to platinum, but it’s less rare. It’s also much more affordable. This is why it has become a favourite among investors looking for precious metals.
Statistics
- 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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
External Links
finance.yahoo.com
bbb.org
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It’s not legal – WSJ
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example, and Risk Metrics
How To
Investing In Gold vs. Investing In Stocks
Gold investing as an investment vehicle can seem extremely risky these days. This is because many people believe that gold investment is no longer profitable. This belief comes from the fact most people see gold prices falling due to the global economy. People believe that investing in gold would result in them losing money. There are many benefits to investing in gold. Let’s take a look at some of the benefits.
Gold is one of the oldest forms of currency known to man. It has been in use for thousands of year. It was used all around the world as a reserve of value. As a means of payment, South Africa and many other countries still rely on it.
The first point to consider when deciding whether or not you should invest in gold is what price you want to pay per gram. You must determine how much gold bullion you can afford per gram before you consider buying it. If you don’t know what the current market price is, you can always call a local jewelry store and ask them their opinion.
It’s worth noting, however, that while gold prices have fallen recently the cost of producing gold is on the rise. Although the price of gold has dropped, production costs have not.
The amount of gold that you are planning to purchase is another important consideration when deciding whether or not gold should be bought. If you plan to buy enough gold to cover your wedding rings then it is probably a good idea to wait before buying any more. It is worth considering if you intend to use it for long-term investment. You can profit if you sell your gold at a higher price than you bought it.
We hope our article has given you a better understanding of gold as an investment tool. It is important to research all options before you make any decision. Only then can informed decisions be made.
—————————————————————————————————————————————————————————————-
By: Jamie Redman
Title: NFT Trader Security Breach: $3 Million Worth of High-Value Bored and Mutant Ape NFTs Stolen
Sourced From: news.bitcoin.com/p2p-platform-nft-trader-falls-victim-to-security-flaw-3-million-in-blue-chip-nfts-lifted/
Published Date: Sun, 17 Dec 2023 10:30:30 +0000
