Trezor Alerts Users to Phishing Risk After Security Breach
In a recent security alert, Trezor, the company behind the popular cryptocurrency hardware wallet, has announced a breach in its support ticketing system. This breach has potentially exposed the personal contact information of over 66,000 customers, raising concerns about possible phishing attacks.
Unauthorized Access Detected
On January 17th, 2024, Trezor identified unauthorized access to a third-party support ticketing portal, which may have compromised the contact details of up to 66,000 customers. The breach was discovered at 20:20 CET, and immediate measures were taken to prevent further unauthorized access.
No Impact on Digital Assets
Although the security of users' digital assets remains intact, there are concerns regarding the exposure of customers' names and email addresses since December 2021. Trezor has reached out to all potentially affected users to inform them about the increased risks of phishing attacks targeting their recovery seeds.
Communication from Malicious Actor
While no recovery seed phrases have been disclosed, 41 users were directly contacted by the malicious actor via email, requesting sensitive information. Trezor's internal audit has also revealed that the contact details of 8 people who created accounts on their trial discussion platform might have been compromised.
Vigilance and Best Practices
In light of this incident, Trezor emphasizes the importance of vigilance and cybersecurity best practices. The company assures its customers that their hardware wallets and funds remain secure and reiterates that they will never ask for recovery seeds through any communication channels.
Precautionary Measures
Trezor urges all users to exercise caution when encountering unusual or suspicious contact attempts. It is recommended to verify the legitimacy of any communication that claims to be from Trezor Support. The investigation into the full scope of the data breach is ongoing, and Trezor is actively working with the third-party service provider to resolve the issue.
Affected users are encouraged to reach out to Trezor's support team if they have any concerns or notice any suspicious activity. Trezor values the feedback and opinions of its users and invites them to share their thoughts on whether they consider this breach to be major or minor in the comments section below.
Frequently Asked Questions
Who is entitled to the gold in a IRA that holds gold?
The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.
You must have at least $10,000 in gold and keep it for at most five years to qualify for this tax-free status.
Owning gold can also help protect against inflation and price volatility, but it doesn’t make sense to hold gold if you’re not going to use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
A financial planner or accountant should be consulted to discuss your options.
What precious metal should I invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. Gold has been traditionally considered a haven investment, but it’s not always the most profitable choice. For example, if you need a quick profit, gold may not be for you. If patience and time are your priorities, silver is the best investment.
If you don’t desire to become rich quickly, gold may be your best option. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
What is a gold IRA account?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
Physical gold bullion coin can be purchased at any time. You don’t have to wait to begin investing in gold.
An IRA allows you to keep your gold forever. Your gold holdings won’t be subject to taxes when you pass away.
Your heirs will inherit your gold, and not pay capital gains taxes. You don’t need to include your gold in your final estate report, as it isn’t part of the estate.
To open a Gold IRA, you’ll need to first set up an Individual Retirement Account (IRA). After you do this, you will be granted an IRA custodian. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian will handle the paperwork and submit the necessary forms to the IRS. This includes filing annual reports.
Once your gold IRA is established, you can purchase gold bullion coins. Minimum deposit required is $1,000 You’ll get a higher rate of interest if you deposit more.
You will pay taxes when you withdraw your gold from your IRA. If you’re withdrawing the entire balance, you’ll owe income taxes plus a 10 percent penalty.
However, if you only take out a small percentage, you may not have to pay taxes. However, there are exceptions. If you take out 30% of your total IRA assets or more, you will owe federal income taxes and a 20 percent penalty.
You should avoid taking out more than 50% of your total IRA assets yearly. You could end up with severe financial consequences.
How is gold taxed in an IRA?
The fair value of gold sold to determines the price at which tax is due. You don’t have tax to pay when you buy or sell gold. It’s not considered income. If you sell it later, you’ll have a taxable gain if the price goes up.
Loans can be secured with gold. Lenders look for the highest return when you borrow against assets. This usually involves selling your gold. The lender might not do this. They might keep it. Or they might decide to resell it themselves. Either way you will lose potential profit.
If you plan on using your gold as collateral, then you shouldn’t lend against it. It’s better to keep it alone.
How much is gold taxed under a Roth IRA
Investment accounts are subject to tax based only on their current value and not the amount you originally paid. Any gains made by you after investing $1,000 in a stock or mutual fund are subject to tax.
The money can be withdrawn tax-free if it’s deposited in a traditional IRA (or 401(k)). Capital gains and dividends earn you no tax. This applies only to investments made for longer than one-year.
The rules governing these accounts vary by state. For example, in Maryland, you must take withdrawals within 60 days after reaching age 59 1/2 . Massachusetts allows you to wait until April 1. And in New York, you have until age 70 1/2 . To avoid penalties, you should plan ahead and take distributions as soon as possible.
Should You Open a Precious Metal IRA?
The most important thing you should know before opening an IRA account is that precious metals are not covered by insurance. There is no way to recover money that you have invested in precious metals. All your investments can be lost due to theft, fire or flood.
It is best to invest in physical gold coins and silver coins to avoid this type loss. These items have been around thousands of years and are irreplaceable. You would probably get more if you sold them today than you paid when they were first created.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. You should also consider using a third party custodian to protect your assets and give you access at any time.
Do not open an account unless you’re ready to retire. Remember the future.
What is the best way to hold physical gold?
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. Gold is a part of a diversified portfolio that investors can use to protect their wealth from financial uncertainty.
Many Americans now invest in precious metals. It is possible to make money by investing in gold. However, it doesn’t guarantee that you’ll make a lot of money.
One reason is that gold has historically performed better than other assets during periods of financial panic. The S&P 500 dropped 21 percent in the same time period, while gold prices rose by nearly 100 percent between August 2011-early 2013. During those turbulent market conditions, gold was among the few assets that outperformed stocks.
One of the best things about investing in gold is its virtually zero counterparty risk. Your shares will still be yours even if your stock portfolio drops. 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. You can buy gold in small amounts because it is so liquid. This allows one to take advantage short-term fluctuations within the gold price.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- 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)
- 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)
External Links
irs.gov
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement plans
wsj.com
- Saddam Hussein’s InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It’s Not Exactly Lawful – WSJ
finance.yahoo.com
How To
Guidelines for Gold Roth IRA
Starting early is the best way to save for retirement. It is best to start saving for retirement as soon you can (typically at age 50). It is essential to save enough money each year in order to maintain a steady growth rate.
Also, you want to take advantage tax-free options such as a traditional 401k, SEP IRA or SIMPLE IRA. These savings vehicles permit you to make contributions, but not pay any tax until your earnings are withdrawn. This makes them a great choice for people who don’t have access employer matching funds.
Save regularly and continue to save over time. You may not be eligible for any tax benefits if your contribution is less than the maximum allowed.
—————————————————————————————————————————————————————————————–
By: David Sencil
Title: Trezor Issues Security Alert Following Phishing Attack and Data Breach
Sourced From: news.bitcoin.com/trezor-issues-security-alert-following-phishing-attack-and-data-breach/
Published Date: Mon, 22 Jan 2024 22:00:09 +0000
