NFT Trader Platform Compromised
Reports have confirmed that the NFT trading platform, NFT Trader, experienced a security breach resulting in the theft of approximately $2.85 million worth of high-value NFTs. The breach was caused by an assailant exploiting an outdated smart contract. Notably, the stolen NFTs included collectibles from the Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) collections.
Public Statement and Recovery Efforts
NFT Trader issued a public statement on X, alerting users about the attack and providing instructions for removing delegated access to affected addresses. The official account of Revoke Cash X revealed that the thief absconded with around $3 million worth of NFTs, primarily Bored Apes and Mutant Apes. However, there is some hope for affected users as the exploiter has returned some stolen NFTs to the victims.
Revoke Cash, summarizing the breach, emphasized the uncertainty surrounding the exact method of the theft. Nonetheless, the return of some stolen assets provides optimism for affected users who may recover a portion of their NFTs.
Increasing Security Breaches in the NFT Market
The NFT Trader incident adds to a series of recent security breaches in the NFT market. This incident follows closely behind the Ledger Connect Kit Library mishap and the Okx Dex hack. These breaches highlight the growing vulnerability of both centralized and decentralized crypto exchanges, with a total of $343 million stolen in the previous month alone.
Non-fungible tokens have become prime targets for attackers due to their increasing value. As a result, NFT owners have been subjected to various phishing attacks aimed at compromising their digital wallets and stealing their valuable assets. In one instance, an owner of a New York gallery fell victim to a phishing scam, resulting in the loss of NFTs valued at $2.2 million.
As the NFT market continues to expand, it is crucial for platforms and users to prioritize security measures to protect against these evolving threats.
Share Your Thoughts
What are your thoughts on the NFT Trader hack? Let us know in the comments section below.
Frequently Asked Questions
Do you need to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. If you lose money in your investment, nothing can be done to recover it. This includes any loss of investments from theft, fire, flood or other circumstances.
Investing in physical gold and silver coins is the best way to protect yourself from this type of loss. These items have been around thousands of years and are irreplaceable. If you were to sell them today, you would likely receive more than what you paid for them when they were first minted.
You should choose a reputable firm that offers competitive rates. Consider using a third-party custody company to keep your assets safe and allow you to access them at any time.
When you open an account, keep in mind that you won't receive any returns until your retirement. Remember the future.
Is physical gold allowed in an IRA.
Not only is gold paper currency, but it's also money. It is an asset that people have used over thousands of years as money, and a way to protect wealth from inflation and economic uncertainties. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, Americans prefer precious metals like silver and gold to 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 to early 2013, gold prices rose close to 100 percent while the S&P 500 fell 21 per cent. Gold was one of the few assets that performed better than stocks during turbulent market conditions.
Another advantage of investing in gold is that it's one of the few assets with virtually zero counterparty risk. Your shares will still be yours even if your stock portfolio drops. If you have gold, it will still be worth your shares even if the company in which you invested defaults on its debt.
Finally, gold provides liquidity. This means that, unlike most other investments, you can sell your gold anytime without worrying about finding another buyer. You can buy gold in small amounts because it is so liquid. This allows you to profit from short-term fluctuations on the gold market.
How can I withdraw from a Precious metal IRA?
First, you must decide if you wish to withdraw money from your IRA account. Then make sure you have enough cash to cover any fees or penalties that may come with withdrawing funds from your retirement plan.
An IRA is not the best option if you don't mind paying a penalty for early withdrawal. Instead, open a taxable brokerage. If you decide to go with this option, you will need to take into account the taxes due on the amount you withdraw.
Next, you'll need to figure out how much money you will take out of your IRA. 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 how much of your total savings to convert to cash, it's time to choose the type of IRA that you want. Traditional IRAs let you withdraw money tax-free after you turn 59 1/2, while Roth IRAs require you to pay income taxes upfront but allow you access the earnings later without paying any additional taxes.
After these calculations have been completed, you will need to open a brokerage bank account. A majority of brokers offer free signup bonuses, as well as other promotions, to get people to open accounts. Avoid unnecessary fees by opening an account with your debit card, rather than your credit card.
You will need a safe place to store your coins when you are ready to withdraw from your precious metal IRA. Some storage areas will accept bullion, while others require you to purchase individual coins. You will need to weigh each one before making a decision.
Bullion bars require less space, as they don't contain individual coins. You will need to count each coin individually. However, keeping individual coins in a separate place allows you to easily track their values.
Some people prefer to keep their coins in a vault. Some prefer to keep them in a vault. Regardless of the method you prefer, ensure that your bullion is safe so that you can continue to enjoy its benefits for many years.
What are some of the advantages and disadvantages to a gold IRA
An Individual Retirement account (IRA) is a better option than regular savings accounts in that interest earned is exempted from tax. This makes an IRA great for people who want to save money but don't want to pay tax on the interest they earn. However, there are also disadvantages to this type of investment.
You could lose all of your accumulated money if you take out too much from your IRA. The IRS may prevent you from taking out your IRA funds until you reach 59 1/2. If you do withdraw funds from your IRA you will most likely be required to pay a penalty.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers charge monthly management fees ranging from $10 to $50.
Insurance will be required if you would like to keep your cash out of banks. Insurance companies will usually require that you have at least $500,000. It is possible that you will be required to purchase insurance that covers losses of up to $500,000.
If you decide to open a gold IRA, it is important to know how much you can use. Some providers restrict the amount you can own in gold. Others allow you to pick your weight.
It's also important to decide whether or not to buy gold futures contracts. Futures contracts for gold are less expensive than physical gold. Futures contracts offer flexibility for buying gold. They enable you to establish a contract with an expiration date.
You will also have to decide which type of insurance coverage is best for you. The standard policy doesn't include theft protection or loss due to fire, flood, or earthquake. The policy does not cover natural disasters. If you live near a high-risk region, you might want to consider additional coverage.
Apart from insurance, you should consider the costs of storing your precious metals. Storage costs will not be covered by insurance. Banks charge between $25 and $40 per month for safekeeping.
You must first contact a qualified custodian before you open a gold IRA. A custodian is responsible for keeping track of your investments. They also ensure that you adhere to federal regulations. Custodians aren't allowed to sell your assets. Instead, they must hold them as long as you request.
Once you've decided which type of IRA best suits your needs, you'll need to fill out paperwork specifying your goals. You should also include information about your desired investments, such as stocks or bonds, mutual funds, real estate, and mutual funds. You should also specify how much you want to invest each month.
You will need to fill out the forms and send them to your chosen provider together with a check for small deposits. The company will then review your application and mail you a letter of confirmation.
When opening a gold IRA, you should consider using a financial planner. Financial planners have extensive knowledge in investing and can help determine the best type of IRA to suit your needs. They can also help reduce your costs by suggesting cheaper options for purchasing insurance.
Are You Ready to Invest in Gold?
The answer depends on how much money you have saved and whether gold was an investment option available when you started saving. If you are unsure of which option to invest in, consider both.
You can earn potential returns on your investment of gold. This makes it a worthwhile choice for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. As a result, its value changes over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It just means that you need to factor in fluctuations to your overall portfolio.
Another advantage of gold is its tangible nature. Gold can be stored more easily than stocks and bonds. It can also be carried.
You can always access your gold as long as it is kept safe. You don't have to pay storage fees for physical gold.
Investing in gold can help protect against inflation. Gold prices are likely to rise with other commodities so it is a good way of protecting against rising costs.
It's also a good idea to have a portion your savings invested in something which isn't losing value. Gold rises in the face of a falling stock market.
Investing in gold has another advantage: you can sell it anytime you want. You can also liquidate your gold position at any time you need cash, just like stocks. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. Don't place all your eggs in the same basket.
Don't buy too many at once. Start small, buying only a few ounces. Next, add more as required.
Keep in mind that the goal is not to quickly become wealthy. It is to create enough wealth that you no longer have to depend on Social Security.
Even though gold is not the best investment, it could be an excellent addition to any retirement plan.
How to Open a Precious Metal IRA?
It is important to decide if you would like an Individual Retirement Account (IRA). Once you have decided to open an Individual Retirement Account (IRA), you will need to complete Form 806. For you to determine the type and eligibility for which IRA, you need Form 5204. You must complete this form within 60 days of opening your account. After this, you are ready to start investing. You may also choose to contribute directly from your paycheck using payroll deduction.
You must complete Form 8903 if you choose a Roth IRA. Otherwise, the process will look identical to an existing IRA.
You'll need to meet specific requirements to qualify for a precious metals IRA. The IRS requires that you are at least 18 years old and have earned an income. For any tax year, your earnings must not exceed $110,000 ($220,000 for married filing jointly). Contributions must be made regularly. These rules apply to contributions made directly or through employer sponsorship.
You can use a precious-metals IRA to purchase gold, silver and palladium. However, physical bullion will not be available for purchase. This means you won’t be able to trade stocks and bonds.
You can also use your precious metals IRA to invest directly in companies that deal in precious metals. This option is available from some IRA providers.
There are two main drawbacks to investing through an IRA in precious metallics. First, they are not as liquid or as easy to sell as stocks and bonds. It is therefore harder to sell them when required. Second, they are not able to generate dividends as stocks and bonds. Therefore, you will lose money over time and not gain 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)
- (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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- 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)
- Yahoo Finance provides information about Barrick Gold Corporation's (GOLD) stock price, news, quote, and history.
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's Not Exactly Lawful – WSJ
Investing In Gold vs. Investing In Stocks
Investing in gold as an investment vehicle might seem like a very risky proposition these days. The reason behind this is that many people believe that gold is no longer profitable to invest in. This belief is based on the fact that gold prices are being driven down by global economic conditions. They believe they would lose their money if they invested gold. In reality, however there are still many significant benefits to gold investing. Let's take a look at some of the benefits.
The oldest form of currency known to mankind is gold. It has been used for thousands of years. People around the world have used it as a store of value. Even today, countries such as South Africa continue to rely heavily on it as a form of payment for their citizens.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. When looking into buying gold bullion, you must decide how much you are willing to spend per gram. If you don’t know the current market rate for gold bullion, you can always consult a local jeweler to get their opinion.
Noting that gold prices have fallen in recent years, it is worth noting that the cost to produce gold has gone up. The price of gold may have fallen, but the production costs haven’t.
You should also consider the amount of your intended purchase when considering whether you should buy or not. If you intend to only purchase enough gold to cover your wedding rings it may be a smart decision to not buy any gold. This is not a wise decision if you're looking to invest in long-term assets. 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. Before making any investment decisions, we strongly advise that you thoroughly research all options. Only then will you be able to make an informed decision.
By: Jamie Redman
Title: Security Breach at NFT Trader Results in Theft of High-Value Bored and Mutant Ape NFTs
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