The U.S. Securities and Exchange Commission (SEC) recently disclosed that its X account was compromised in a SIM swap attack. During the attack, an unauthorized party used the SEC's social media account to post a false announcement about the approval of spot bitcoin exchange-traded funds (ETFs). The SEC clarified that it had not actually approved such ETFs at the time of the incident.
Unauthorized Access and SIM Swap Attack
The SEC provided an update on the unauthorized access of its @SECGov account on social media platform X. The attack took place on January 9, and the SEC confirmed that the culprit gained control of the account by carrying out a SIM swap attack. In this type of attack, the perpetrator takes control of a target's cell phone number, allowing them to bypass security measures and gain access to various accounts.
The SEC clarified that the unauthorized party did not gain access to any SEC systems, data, devices, or other social media accounts. The breach was limited to the compromise of the @SECGov account through the SIM swap attack. The SEC's telecom carrier was responsible for the initial breach, as the unauthorized party managed to reset the password for the account after gaining control of the SEC cell phone number.
Multi-Factor Authentication Disabled
Although multi-factor authentication (MFA) had previously been enabled on the @SECGov X account, it was disabled by X Support in July 2023 due to difficulties accessing the account. After the compromise on January 9, MFA was reenabled for all SEC social media accounts that offer this security feature.
Coordination with Law Enforcement
The SEC is working closely with various law enforcement and federal oversight entities, including the Federal Bureau of Investigation (FBI), the Department of Homeland Security (DHS), the Commodity Futures Trading Commission (CFTC), the Department of Justice (DOJ), and its own Division of Enforcement. The investigation aims to determine how the unauthorized party convinced the telecom carrier to change the SIM for the account and how they knew which phone number was associated with the account.
Increasing Number of SIM Swap Attacks
Sim swap attacks have become a growing concern, particularly in the cryptocurrency industry. This incident involving the SEC is just one example, as other notable figures like Ethereum co-founder Vitalik Buterin have also fallen victim to such attacks. It is crucial for individuals and organizations to take proactive measures to protect themselves against SIM swap attacks.
If you want to learn more about how to prevent SIM swap attacks, refer to our comprehensive guide. Additionally, feel free to share your thoughts on the SEC's SIM swap incident in the comments section below.
Frequently Asked Questions
How much gold should your portfolio contain?
The amount you make will depend on the amount of capital you have. A small investment of $5k-10k would be a great option if you are looking to start small. Then as you grow, you could move into an office space and rent out desks, etc. This way, you don't have to worry about paying rent all at once. Only one month's rent is required.
Also, you need to think about the type of business that you are going to run. In my case, we charge clients between $1000-2000/month, depending on what they order. So if you do this kind of thing, you need to consider how much income you expect from each client.
You won't get a monthly paycheck if you work freelance. This is because freelancers are paid. You might get paid only once every six months.
You need to determine what kind or income you want before you decide how much of it you will need.
I recommend starting with $1k to $2k of gold, and then growing from there.
Can I buy or sell gold from my self-directed IRA
Your self-directed IRA can be used to purchase gold, but first you need to open an account with a brokerage firm such as TD Ameritrade. You can also transfer funds from an existing retirement fund.
Individuals can contribute as much as $5,500 per year ($6,500 if married filing jointly) to a traditional IRA. Individuals can contribute up $1,000 per annum ($2,000 if they are married and jointly) directly to a Roth IRA.
You might want to purchase physical bullion, rather than futures contracts if you are going to invest in gold. Futures contracts can be described as financial instruments that are determined by the gold price. These contracts allow you to speculate on future gold prices without actually owning it. However, physical bullion is real gold or silver bars you can hold in your hands.
How much should I contribute to my Roth IRA account?
Roth IRAs allow you to deposit your money tax-free. You cannot withdraw funds from these accounts until you reach 59 1/2. If you decide to withdraw some of your contributions, you will need to follow certain rules. First, your principal (the deposit amount originally made) is not transferable. This means that no matter how much you contribute, you can never take out more than what was initially contributed to this account. If you are able to take out more that what you have initially contributed, you must pay taxes.
The second rule is that your earnings cannot be withheld without income tax. So, when you withdraw, you'll pay taxes on those earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. Let's also assume that you make $10,000 per year from your Roth IRA contributions. Federal income taxes would apply to the earnings. You would be responsible for $3500 This leaves you with $6,500 remaining. This is the maximum amount you can withdraw because you are limited to what you initially contributed.
If you took $4,000 from your earnings, you would still owe taxes for the $1,500 remaining. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). You only got back $4,000. Even though you were able to withdraw $7,000 from your Roth IRA,
There are two types if Roth IRAs, Roth and Traditional. 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 is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal required, unlike a traditional IRA. You don't need to wait until your 70 1/2 year old age before you can withdraw your contribution.
Can I keep a Gold ETF in a Roth IRA
A 401(k) plan may not offer this option, but you should consider other options, such as an Individual Retirement Account (IRA).
A traditional IRA allows contributions from both employee and employer. An Employee Stock Ownership Plan (ESOP) is another way to invest in publicly traded companies.
An ESOP gives employees tax advantages as they share the stock of the company and the profits it makes. The tax rate on money that is invested in an ESOP is lower than if it was held in the employees' hands.
Also available is an Individual Retirement Annuity. An IRA allows you to make regular payments throughout your life and earn income in retirement. Contributions to IRAs can be made without tax.
What tax is gold subject in an IRA
The fair market value at the time of sale is what determines how much tax you pay on gold sales. You don't have tax to pay when you buy or sell gold. It is not considered income. If you decide to sell it later, there will be a taxable gain if its price rises.
You can use gold as collateral to secure loans. Lenders try to maximize the return on loans that you take against your assets. This usually involves selling your gold. This is not always possible. They may keep it. They may decide to resell it. You lose potential profits in either case.
If you plan on using your gold as collateral, then you shouldn't lend against it. You should leave it alone if you don't intend to lend against it.
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (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)
- Do You Need a Gold IRA to Get Retirement?
- What are the Options Types, Spreads, Example, and Risk Metrics
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Want to Keep Gold in Your IRA at Home? It's not exactly legal – WSJ
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement account
How to Keep Physical Gold in an IRA
The most obvious way to invest in gold is by buying shares from companies producing gold. However, there are risks associated with this strategy. It isn't always possible for these companies to survive. If they survive, there's still the risk of losing money due to fluctuations in the price of gold.
Alternative options include buying physical gold. This requires you to either open up your account at a bank or an online bullion dealer or simply purchase gold from a reputable seller. These options offer the convenience of easy access, as you don't need stock exchanges to do so. You can also make purchases at lower prices. It's easier to track how much gold is in your possession. You will receive a receipt detailing exactly what you paid. You have less risk of theft when investing in stocks.
There are also some drawbacks. You won't be able to benefit from investment funds or interest rates offered by banks. You can't diversify your holdings, and you are stuck with the items you have bought. Finally, the taxman might want to know where your gold has been placed!
BullionVault.com has more information about how to buy gold in an IRA.
By: Kevin Helms
Title: SEC Admits SIM Swap Attack Compromised Account, Fake Bitcoin ETF Announcement Posted
Sourced From: news.bitcoin.com/sec-got-sim-swapped-how-hacker-gained-control-of-secs-x-account/
Published Date: Wed, 24 Jan 2024 03:30:54 +0000