A Brief History of Abraxas
Abraxas, a darknet marketplace, launched on December 13, 2014, around the same time as other notorious platforms like Alphabay and Agora. However, it exit scammed less than a year later, in November 2015, leaving its customers and vendors high and dry. The stolen bitcoins from Abraxas, which were worth approximately $1.85 million at the time, remained untouched until recently.
The Abraxas Bitcoin Movement
According to onchain analyst Zachxbt, the 4,800 bitcoins stolen from Abraxas have now been transferred to a bitcoin mixing service. This sudden movement of funds, valued at a staggering $144 million, has caught the attention of the cryptocurrency community.
Zachxbt reported on the social media site X (formerly Twitter) that an entity moved the bitcoins originating from Abraxas, which had been sitting dormant for years. The funds were consolidated and deposited into a bitcoin mixer, further obscuring their origin.
The Fallout from Abraxas' Exit Scam
When Abraxas disappeared, vendors and marketplace users were left in a state of panic, desperately searching for new darknet marketplaces. Unfortunately, many of the platforms that emerged during this period also engaged in fraudulent activities, further eroding trust within the community. Agora, another prominent darknet marketplace, shut down around the same time, causing users from both Abraxas and Agora to migrate to Alphabay.
Alphabay quickly became the dominant darknet marketplace, until it too was seized by law enforcement in July 2017. The recent movement of the Abraxas bitcoin stash remains shrouded in mystery, with no clear explanation as to why the funds were suddenly transferred. However, it is worth noting that the stolen bitcoins are now worth $142 million more than they were in 2015.
Share Your Thoughts
What are your thoughts on the movement of the Abraxas bitcoin stash? Do you believe there is a specific reason behind this sudden transfer? Share your opinions and insights in the comments section below.
Frequently Asked Questions
How to Open a Precious Metal IRA
First, you must decide if your Individual Retirement Account (IRA) is what you want. If you do, you must open the account by completing Form 8606. Then you must fill out Form 5204 to determine what type of IRA you are eligible for. This form should not be completed more than 60 days after the account is opened. Once this has been completed, you can begin investing. You can also contribute directly to your paycheck via payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. Otherwise, the process will look identical to an existing IRA.
To be eligible for a precious metals IRA, you will need to meet certain requirements. You must be at least 18 years of age and have earned income to qualify for a precious metals IRA. Your annual earnings cannot exceed $110,000 ($220,000 if you are married and file jointly) for any tax year. Contributions must be made on a regular basis. These rules will apply regardless of whether your contributions are made through an employer or directly out of your paychecks.
You can use a precious-metals IRA to purchase gold, silver and palladium. You can only purchase bullion in physical form. This means you won’t be able to trade stocks and bonds.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. First, they aren't as liquid than stocks and bonds. This makes them harder to sell when needed. Second, they don't generate dividends like stocks and bonds. So, you'll lose money over time rather than gain it.
What is the tax on gold in an IRA
The fair market value of gold sold is the basis for tax. If you buy gold, there are no taxes. It's not considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
For loans, gold can be used to collateral. Lenders try to maximize the return on loans that you take against your assets. In the case of gold, this usually means selling it. It's not guaranteed that the lender will do it. They may keep it. They might decide to sell it. In either case, you risk losing potential profits.
You should not lend against your gold if it is intended to be used as collateral. It's better to keep it alone.
How is gold taxed by Roth IRA?
An investment account's tax is calculated based on the current value of the account, and not on what you paid originally. So if you invest $1,000 in a mutual fund or stock and then sell it later, any gains are subject to taxes.
But if you put the money into a traditional IRA or 401(k), there's no tax when you withdraw the money. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
These accounts are subject to different rules depending on where you live. Maryland is an example of this. You must withdraw your funds within 60 calendar days of turning 59 1/2. Massachusetts allows you to delay withdrawals until April 1. New York allows you to wait until age 70 1/2. To avoid penalty fees, it is important to plan and take distributions in time to pay all your retirement savings.
Should You Invest Gold in Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. If you're unsure about which option to choose then consider investing in both.
In addition to being a safe investment, gold also offers potential returns. Retirees will find it an attractive investment.
While many investments promise fixed returns, gold is subject to fluctuations. Its value fluctuates over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. It is important to consider the fluctuations when planning your portfolio.
Another benefit of gold is that it's a tangible asset. Gold is less difficult to store than stocks or bonds. It is also easily portable.
You can always access your gold as long as it is kept safe. There are no storage charges for holding physical gold.
Investing in gold can help protect against inflation. It's a great way to hedge against rising prices, as gold prices tend to increase along with other commodities.
A portion of your savings can be invested in something that doesn't go down in value. Gold tends to rise when the stock markets fall.
Investing in gold has another advantage: you can sell it anytime you want. Just like stocks, you can liquidate your position whenever you need cash. It doesn't matter if you are retiring.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Also, don't buy too much at once. Start with just a few drops. Next, add more as required.
Keep in mind that the goal is not to quickly become wealthy. It's not to get rich quickly, but to accumulate enough wealth to no longer need Social Security benefits.
Although gold might not be the right investment for everyone it could make a great addition in any retirement plan.
What Should Your IRA Include in Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don't need to be rich to make an investment in precious metals. There are many ways that you can make money with gold and silver investments, even if you don't have much money.
You could also consider buying physical coins like bullion bars, rounds or bullion bars. It is possible to also purchase shares in companies that make precious metals. You may also be interested in an IRA transfer program offered by your retirement provider.
You'll still get the benefit of precious metals no matter which country you live in. They are not stocks but offer long-term growth.
And, unlike traditional investments, their prices tend to rise over time. This means that if you decide on selling your investment later, you'll likely get more profit than you would with traditional investing.
What is the value of a gold IRA
There are many benefits to a gold IRA. You can diversify your portfolio with this investment vehicle. You can control how much money is deposited into each account as well as when it's withdrawn.
Another option is to rollover funds from another retirement account into a IRA with gold. This allows you to easily transition if your retirement is early.
The best thing about investing in gold IRAs is that you don’t need any special skills. They are offered by most banks and brokerage companies. You do not need to worry about fees and penalties when you withdraw money.
There are also drawbacks. Gold is known for being volatile in the past. It's important to understand the reasons you're considering investing in gold. Are you looking for growth or safety? Is it for security or long-term planning? Only by knowing the answer, you will be able to make an informed choice.
If you plan on keeping your gold IRA alive for a while, you may want to consider purchasing more than 1 ounce of pure gold. One ounce won't be enough to meet all your needs. You may need several ounces, depending on what you intend to do with your precious gold.
A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. You won't be capable of buying anything else with these funds.
Should You Buy Gold?
Gold was once considered an investment safe haven during times of economic crisis. Many people are shifting away from traditional investments like bonds or stocks to instead look toward precious metals such gold.
The gold price has been in an upward trend for the past few years, but it remains relatively low compared with other commodities like silver or oil.
Experts believe this could change soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also mention that gold is becoming more popular due to its perceived worth and potential return.
Consider these things if you are thinking of investing in gold.
- The first thing to do is assess whether you actually need the money you're putting aside for retirement. You can save money for retirement even if you don't invest in gold. Gold does offer an extra layer of protection for those who reach retirement age.
- You should also be aware of what you are getting into before you buy gold. There are many types of gold IRA accounts. Each one offers different levels security and flexibility.
- Don't forget that gold does not offer the same safety level as a bank accounts. Losing your gold coins could result in you never being able to retrieve them.
If you are thinking of buying gold, do your research. And if you already own gold, ensure you're doing everything possible to protect it.
- 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)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (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)
- Gold IRA: Add some sparkle to your retirement nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- You want to keep gold in your IRA at home? It's not legal – WSJ
A growing trend: Gold IRAs
As investors look for ways to diversify their portfolios and protect themselves against inflation, the gold IRA trend is on the rise.
Owners of the gold IRA can use it to invest in physical bars and bullion gold. It can be used as a tax-free way to grow and it is an alternative investment option for people who are not comfortable with stocks or bonds.
A gold IRA allows investors the freedom to manage their wealth without worrying about volatility in the markets. They can use the gold IRA to protect themselves against inflation and other potential problems.
Investors also get the unique benefits of owning physical Gold, including its durability, portability, flexibility, and divisibility.
A gold IRA provides many additional benefits. One is the ability for heirs to quickly transfer ownership of gold. Another is the fact that gold is not considered a currency or a commodities by the IRS.
Investors who seek financial stability and a safe haven are finding the gold IRA increasingly attractive.
By: Jamie Redman
Title: The Abraxas Bitcoin Scandal: $144M in Bitcoin Suddenly Moved to Mixer
Sourced From: news.bitcoin.com/dormant-144m-in-bitcoin-from-defunct-abraxas-darknet-market-moved-after-years-of-inactivity/
Published Date: Mon, 23 Oct 2023 20:30:05 +0000
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