Shakepay, a Canadian crypto app, has recently announced a data breach that resulted in unauthorized access to personal information belonging to a specific group of its customers. The breach was detected on December 13, 2023, and while it compromised data, it did not impact any bank accounts, crypto wallets, or customer credentials.
Shakepay Addresses Data Breach Concerns and Offers Free Credit Monitoring
Following the breach at Shakepay, which offers commission-free services for trading bitcoin (BTC) and ethereum (ETH), the company took immediate action to address the situation. The breach was identified through unusual activity on an employee's work device, prompting Shakepay's security team to quickly respond by deauthenticating and removing the compromised device from their network. This swift action was part of the company's incident response protocol, designed to minimize the impact of such breaches.
An investigation conducted by Shakepay revealed that the breach was active between March and December 2023, and during this period, personal details of a small group of customers were extracted. The potentially exposed information includes names, emails, addresses, birth dates, phone numbers, occupations, trusted contacts, account balances, and transaction history. This incident sheds light on the increasing challenges faced by digital currency platforms in safeguarding user data.
Several individuals on social media platforms expressed their concerns and frustrations about the breach. While acknowledging the breach, Shakepay assured its customers that it takes the security of their data seriously and is committed to maintaining their trust. The company advised customers to remain vigilant and take protective measures, such as upgrading to stronger account security methods like two-factor authentication, being cautious of suspicious communications, and regularly changing passwords. It emphasized the importance of logging in only through official channels and using unique, strong passwords.
To support affected customers, Shakepay has implemented additional security measures and is offering two years of free credit monitoring to help mitigate the risks of identity theft. The company has also established a dedicated email address for affected customers and is actively collaborating with law enforcement and regulatory authorities to investigate the breach and prevent future incidents.
Shakepay's message to its customers concluded with a reassurance that the security of their money and personal information remains the company's top priority. It stated that Shakepay will continue to closely monitor the situation, utilize every available resource to protect customers' personal data, and take action against bad actors.
What are your thoughts on the Shakepay data breach incident? Please share your opinions and thoughts in the comments section below.
Frequently Asked Questions
What is a Precious Metal IRA, and how can you get one?
Precious metals make a great investment in retirement accounts. They have held their value since biblical times. The best way to protect yourself from inflation is to invest in precious metallics such as platinum, silver and gold.
Certain countries permit citizens to hold their money in foreign currencies. You can purchase gold bars from Canada and keep them at your home. Then, when you travel to Canada, you can make the same gold bars and sell them for Canadian Dollars.
This is a great way to invest in precious metals. It is particularly useful for those who live outside North America.
How much money can a gold IRA earn?
The answer is yes, but not as much as you think. It depends on how much you're willing to risk. You could have $1 million if you're willing to invest $10,000 each year for 20 years. But if you put all your eggs in one basket, you'll lose everything.
Diversifying your investments is essential. Inflation is a problem for gold. You should invest in an asset that increases with inflation. Stocks do this well because they rise when companies increase profits. Bonds are also able to do this. They pay interest each and every year. They are great in times of economic growth.
But what happens if there's no inflation? In times of deflation, stocks are more valuable than bonds. This is why investors should avoid putting all their savings into one investment, such as a bond or stock mutual fund.
Instead, they should combine different types funds. They could, for example, invest in stocks and bonds. Or they could invest in both cash and bonds.
This way, they have exposure to both sides of the coin. They can see both the inflation and the deflation sides of the coin. They will still see a return in time.
Are gold and silver IRAs a good idea?
This could be a great opportunity for those who want to easily invest in both gold or silver simultaneously. There are also many other options. We are happy to answer any questions you may have about these types of investments. We are always here to help!
How do you choose an IRA.
The first step to finding an IRA for you is understanding your account type. This is regardless of whether you are looking to invest in a Roth IRA. You will also need to know how much you can invest.
Next, you need to determine which provider is best suited for your needs. Some providers offer both accounts and others only specialize in one.
Last, consider the fees associated to each option. Fees may vary from one provider to another and could include annual maintenance fees as well. Some providers charge a monthly cost based on how many shares you own. Some providers charge only once a quarter.
What is the best precious metal to invest in?
Gold is an investment that offers high returns on its capital. It protects against inflation as well as other risks. As people worry about inflation, the price of gold tends increase.
It is a smart move to purchase gold futures. These contracts will guarantee that you will receive a specific amount of gold at an agreed price.
However, gold futures aren't suitable for everyone. Some prefer physical gold.
They can easily exchange their gold with other people. They can also sell it whenever they want.
Some people choose to not pay taxes on gold. People buy gold directly from the government in order to avoid paying taxes.
This will require you to make multiple trips to your local postal office. You must first convert any existing gold into coins or bars.
Then, you need to get a stamp on those coins or bars. Finally, you send them to the US Mint. They will then melt down the bars and coins to create new coins.
These new coins, bars, and bars have the original stamps stamped onto them. These new coins and bars are legal tender.
The US Mint will not tax gold purchased directly.
So, which precious metal would you like to invest in?
What precious metals can you invest in for retirement?
It is important to know what you have already saved and where money you are saving for retirement. You can start by making a list of all your assets. This should include any savings accounts, stocks, bonds, mutual funds, certificates of deposit (CDs), life insurance policies, annuities, 401(k) plans, real estate investments, and other assets such as precious metals. Then add up all of these items to determine how much you have available for investment.
If you are less than 59 1/2 years of age, you may be interested in opening a Roth IRA. While a Roth IRA does not allow you to deduct contributions from taxable income, a traditional IRA allows for that. However, you won't be able to take tax deductions for future earnings.
You may need additional money if you decide you want more. Start with a regular broker account.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that 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)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- SEP-IRA”Simplified employee pension” For self-employed people like independent contractors, freelancers, and small-business ownersSame tax rules as traditional IRASEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less4. (sltrib.com)
- Silver must be 99.9% pure • (forbes.com)
How to decide if a Gold IRA is right for you
Individual Retirement Accounts (IRA) are the most popular type. IRAs may be obtained from financial planners or banks as well as mutual funds and banks. The IRS allows individuals up to $5,000 in annual contributions without tax consequences. You can contribute this amount to any IRA regardless of your age. However, there are limits on how much money you can put into certain IRAs. For example, you cannot contribute to a Roth IRA unless you're at least 59 1/2 years old. Under 50-year-olds must wait until they reach 70 1/2 years of age before you can make contributions. In addition, some people who work for their employer may be eligible for matching contributions from their employer.
There are two main types: Roth and traditional IRAs. Traditional IRAs allow you to invest in stocks, bonds and other investments. A Roth IRA allows you to only invest in after-tax dollars. Roth IRA contributions don't get taxed as soon as they are made. However, withdrawals from a Roth IRA will be taxed again. Some people prefer to combine these two accounts. Each type has its advantages and disadvantages. What should you look at before deciding which type is best for you? Keep these three things in mind:
Traditional IRA Pros
- The company can choose from different contribution options
- Employer match possible
- It is possible to save more than $5.000 per person
- Tax-deferred growth until withdrawal
- There may be restrictions based upon income level
- The maximum contribution limit is $5,500 per year ($6,500 if married and filing jointly)
- Minimum investment is $1,000
- You must start receiving mandatory distributions after age 70 1/2
- An IRA can only be opened by someone who is at least five years older than you.
- Transfer assets between IRAs cannot be done
Roth IRA pros
- Contributions are tax-free
- Earnings grow without paying taxes
- There are no minimum distribution requirements
- Investment options are limited to stocks, bonds, and mutual funds
- No maximum contribution limit
- There are no restrictions for transferring assets between IRAs
- You must be at least 55 to open an IRA
When opening a new IRA it's important to realize that not all companies offer identical IRAs. Some companies provide the choice of a Roth IRA as well as a traditional IRA. Some will let you combine them. You should also note that different types of IRAs may have different requirements. A Roth IRA does not have a minimum investment requirement. Traditional IRAs require a minimum of $1,000.
The Bottom Line
When choosing an IRA, the critical factor is whether you want to pay taxes now or later. If you are retiring within ten year, a traditional IRA could be the right option. A Roth IRA may be a better choice for you. Whatever your situation, it's a good idea that you consult a professional about retirement planning. Someone who understands the market will be able to recommend the best options.
By: Jamie Redman
Title: Crypto App Shakepay Reports Data Breach Affecting a Limited Number of Customers
Sourced From: news.bitcoin.com/crypto-app-shakepay-reveals-data-breach-affecting-a-small-number-of-customers/
Published Date: Sat, 16 Dec 2023 22:00:27 +0000