Radiant Capital, a decentralized finance (defi) platform, confirmed on January 3, 2023, that it fell victim to an attack resulting in the loss of digital assets worth $4.5 million. The attack, known as a flash loan attack, caused the protocol to accumulate bad debt in the WETH market, which accounted for approximately 1.3% of the total protocol TVL. Radiant Capital is now urging the hackers responsible for the attack to establish contact with the platform before involving law enforcement.
All Markets on Arbitrum Paused
Radiant Capital, a defi platform, has recently confirmed that it experienced a flash loan attack on January 2. As a result, the protocol accumulated bad debt in the WETH market, amounting to approximately 1.3% of the total protocol TVL. Peckshield, a blockchain analytics firm, conducted an assessment of the attack and estimated that the digital assets lost during the attack were worth $4.5 million.
According to Peckshield, the attackers took advantage of a time window when a new market was activated in a lending market. The attack could have been prevented if the new market had been activated with a CF of 0%. The defi platform has paused all markets on Arbitrum as a precautionary measure and has initiated an investigation into the incident.
Radiant Capital Remains Solvent
Despite the attack, Radiant Capital assures its users that the protocol remains solvent. The platform is taking steps to enable affected users to regain access to their funds. The defi platform plans to implement a remediation plan to re-capitalize the protocol and provide users with full access to their deposits. Additionally, a proposed plan will be implemented to protect users at risk of liquidation during the pause period, ensuring that no users are unfairly penalized.
Radiant Capital has issued a warning to the hackers, urging them to establish contact with the platform before involving law enforcement. The platform aims to lift the pause within the next 24 hours, providing relief to users affected by the temporary suspension of services.
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Frequently Asked Questions
What are the advantages of a gold IRA
An Individual Retirement Account (IRA) is the best way to put money towards retirement. It is tax-deferred until it’s withdrawn. You have total control over how much each year you take out. There are many types to choose from when it comes to IRAs. Some are better suited to college savings. Some are better suited for investors who want higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. These earnings don’t get taxed if they withdraw funds. So if you’re planning to retire early, this type of account may make sense.
Because it allows you money to be invested in multiple asset classes, a ‘gold IRA’ is similar to any other IRAs. Unlike a regular IRA you don’t need to worry about taxes while you wait for your gains to be available. This makes gold IRA accounts a great choice for those who want their money to be invested, not spent.
Another benefit to owning IRA gold is the ability to withdraw automatically. This eliminates the need to constantly make deposits. To make sure you don’t miss any payments, you can also set up direct deductions.
Finally, gold remains one of the best investment options today. Because it isn’t tied to any specific country, gold’s value tends to stay stable. Even during economic turmoil, gold prices tend to stay relatively stable. As a result, it’s often considered a good choice when protecting your savings from inflation.
How do I open a Precious Metal IRA
The first step in opening an Individual Retirement Account, (IRA), is to decide if it’s something you want. If you do, you must open the account by completing Form 8606. Next, fill out Form 5204. This will determine the type of IRA that you are eligible for. You must complete this form within 60 days of opening your account. Once you have completed this form, it is possible to begin investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
Complete Form 8903 if your Roth IRA option is chosen. Otherwise, it will be the same process as an ordinary IRA.
You’ll need to meet specific requirements to qualify for a precious metals IRA. 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 invest in gold, silver, palladium, platinum, rhodium, or even platinum. However, you won’t be able purchase physical bullion. This means you won’t be able to trade stocks and bonds.
Your precious metals IRA can be used to directly invest in precious metals-related companies. This option is offered by some IRA providers.
An IRA is a great way to invest in precious metals. However, there are two important drawbacks. They aren’t as liquid as bonds or stocks. 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 more money than you gain over time.
How much gold can you keep in your portfolio
The amount of capital that you require will determine how much money you can make. If you want to start small, then $5k-$10k would be great. As your business grows, you might consider renting out office space or desks. This way, you don’t have to worry about paying rent all at once. Only one month’s rent is required.
It is also important to decide what kind of business you want to run. My company is a website creator. We charge our clients about $1000-2000 per monthly depending on what they order. Consider how much you expect to make from each client, if you decide to do this kinda thing.
Because freelance work pays freelancers, you won’t likely get a monthly income if you do freelance work. Therefore, you might only get paid one time every six months.
You must first decide what kind and amount of income you are looking to generate before you can calculate how much gold will be needed.
I recommend starting with $1k-$2k in gold and working my way up.
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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- You can only purchase gold bars at least 99.5% purity. (forbes.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)
- If you take distributions before hitting 59.5, you’ll owe a 10% penalty on the amount withdrawn. (lendedu.com)
External Links
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China’s Evergrande Crisis – Forbes Advisor
bbb.org
law.cornell.edu
- 7 U.S. Code SS7 – Designation Boards of Trade as Contract Markets
- 26 U.S. Code SS 408 – Individual retirement plans
irs.gov
How To
The History of Gold as an Asset
From ancient times to the beginning of the 20th century, gold was used as a currency. It was popular because of its purity, divisibility. uniformity. scarcity and beauty. In addition, because of its value, it was traded internationally. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. For example, in England, one pound sterling was equal to 24 carats of silver; in France, one livre tournois was equal to 25 carats of gold; in Germany, one mark was equal to 28 carats of gold; etc.
In the 1860s the United States began issuing American currency made up 90% copper (10% zinc) and 0.942 gold (0.942 pure). This led to a decline in demand for foreign currencies, which caused their price to increase. The United States began minting large quantities gold coins at this time, which led to a drop in the price. Due to the excessive amount of money flowing into the United States, they had to find a way for them to repay some of their debt. They sold some of their excess gold to Europe to pay off the debt.
Most European countries distrusted the U.S. Dollar and began to accept gold as payment. Many European countries started to accept paper money as a substitute for gold after World War I. The price of gold has risen significantly since then. Even though the price of gold fluctuates, it remains one the best investments you can make.
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By: Terence Zimwara
Title: Decentralized Finance Platform Radiant Capital Loses $4.5 Million in Flash Loan Attack
Sourced From: news.bitcoin.com/defi-platform-radiant-capital-loses-digital-assets-worth-4-5-million-after-flash-loan-attack/
Published Date: Thu, 04 Jan 2024 09:30:51 +0000
