NFT Trader Compromised: Loss of $2.85 Million in Valuable NFTs
According to reports and confirmation from the peer-to-peer non-fungible token (NFT) market platform, NFT Trader, a security breach has occurred. The breach was a result of an exploit in an outdated smart contract, leading to the theft of esteemed digital collectibles worth nearly $3 million. These collectibles include NFTs from the Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) collections.
NFT Trader issued a public statement on X, warning users about the attack on old smart contracts. The platform urged users to remove the delegation by utilizing the "revoke cash" function. Additionally, NFT Trader shared two addresses that were affected by the breach along with the corresponding smart contract addresses.
Revoke Cash X, the official account, disclosed that the thief made off with approximately $3 million worth of NFTs, with a majority of them being Bored Apes and Mutant Apes. Although the exact method of the theft remains unclear, some of the stolen NFTs have been returned to their rightful owners. Revoke Cash expressed hope that users would be able to recover some of their assets.
NFT Trader Incident Adds to Growing List of Security Breaches
The security breach at NFT Trader is the latest in a series of incidents that have plagued the cryptocurrency industry. Recently, the Ledger Connect Kit Library mishap and the Okx Dex hack also made headlines. According to research conducted last month, an alarming $343 million has been stolen from both centralized and decentralized crypto exchanges. Non-fungible token assets have become attractive targets for attackers due to their increasing value.
In recent years, owners of non-fungible tokens (NFTs) have faced a rising number of phishing attacks. Attackers employ various deceptive strategies to trick victims into revealing crucial information that compromises their security systems. This enables the assailants to gain access to the digital wallets of unsuspecting individuals and steal their NFTs. For instance, in January 2022, a New York gallery owner fell victim to a phishing scam, resulting in the theft of NFTs valued at $2.2 million.
What are your thoughts on the NFT Trader hack? Share your opinions in the comments below.
Frequently Asked Questions
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).
An IRA traditional allows both employees and employers to contribute. Another way to invest in publicly traded companies is through an Employee Stock Ownership Plan.
An ESOP is a tax-saving tool because employees have a share of company stock as well as the profits that the business generates. The money invested in ESOPs is taxed at a lower rate that if it were owned directly by an employee.
A Individual Retirement Annuity (IRA), is also available. You can make regular payments to your IRA throughout your life, and you will also receive income when you retire. Contributions made to IRAs are not taxable.
What are the fees for an IRA that holds gold?
The Individual Retirement Account (IRA), fee is $6 per monthly. This fee includes account maintenance fees as well as any investment costs related to your selected investments.
You may have to pay additional fees if you want to diversify your portfolio. The type of IRA you choose will determine the fees. For example, some companies offer free checking accounts but charge monthly fees for IRA accounts.
Most providers also charge an annual management fee. These fees are usually between 0% and 1%. The average rate is.25% per year. These rates are often waived if a broker like TD Ameritrade is used.
How much gold can you keep in your portfolio
The amount of money you need to make depends on how much capital you are looking for. For a small start, $5k to $10k is a good range. You could then rent out desks and office space as your business grows. Renting out desks and other equipment is a great way to save money on rent. Only one month's rent is required.
You also need to consider what type of business you will run. My company is a website creator. We charge our clients about $1000-2000 per monthly 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.
Because freelance work pays freelancers, you won't likely get a monthly income if you do freelance work. You might get paid only once every six months.
Decide what kind of income do you want before you calculate how much gold is needed.
I recommend starting with $1k to $2k of gold, and then growing from there.
Can I buy gold with my self-directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. You can also transfer funds from another retirement account if you already have one.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and 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.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These contracts allow you to speculate on future gold prices without actually owning it. Physical bullion, however, is real gold and silver bars that you can hold in your hand.
Is it a good idea to open a Precious Metal IRA
It is essential to be aware of the fact that precious metals do not have insurance coverage before opening an IRA. 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.
Protect yourself against this type of loss by investing in physical gold or silver coins. These coins have been around for thousands and represent a real asset that can never be lost. If you were to offer them for sale today, they would likely fetch you more than you paid when you bought them.
When opening an IRA account, make sure you choose a reputable company offering competitive rates and high-quality products. It is also a smart idea to use a third-party trustee who will help you have access to your assets at all times.
If you decide to open an account, remember that you won't see any returns until after you retire. Keep your eyes open for the future.
What's the advantage of a Gold IRA?
There are many advantages to a gold IRA. You can diversify your portfolio with this investment vehicle. You control how much money goes into each account and 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 part? You don’t need to have any special skills to invest into gold IRAs. They're readily available at almost all banks and brokerage firms. Withdrawals are made automatically without having to worry about fees or penalties.
There are also drawbacks. Gold is historically volatile. It's important to understand the reasons you're considering investing in gold. Do you want safety or growth? Are you looking for growth or insurance? Only once you know, that will you be able to make an informed decision.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce won't be enough to meet all your needs. Depending upon what you plan to do, you could need several ounces.
You don't need to have a lot of gold if you are selling it. You can even get by with less than one ounce. These funds won't allow you to purchase anything else.
Statistics
- 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)
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- 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)
- (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)
External Links
investopedia.com
bbb.org
finance.yahoo.com
irs.gov
How To
Guidelines for Gold Roth IRA
Starting early is the best way to save for retirement. As soon as you become eligible, which is usually around age 50, start saving and keep it up throughout your career. To ensure sufficient growth, it is vital that you contribute enough each year.
You also want to take advantage of tax-free opportunities such as a traditional 401(k), SEP IRA, or SIMPLE IRA. These savings vehicles let you make contributions and not pay taxes until the earnings are withdrawn. These savings vehicles can be a great option for individuals who don't qualify for employer matching funds.
It is important to save consistently over time. If you don't contribute the maximum amount, you will miss any tax benefits.
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