Introduction
Reports have confirmed that the popular peer-to-peer NFT market platform, NFT Trader, has fallen victim to a security breach. The breach occurred when an attacker exploited an outdated smart contract, resulting in the theft of approximately $3 million worth of prized digital collectibles. Notably, the stolen NFTs included pieces from the Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) collections.
NFT Trader Compromised: Loss of High-Value NFTs
NFT Trader, a prominent NFT trading platform, recently experienced a security breach leading to an estimated loss of around $2.85 million in high-value NFTs. The platform issued a public statement on X, alerting users about the incident and instructing them to remove the delegation using the "revoke cash" feature for the affected smart contract addresses. Additionally, two addresses were provided for users to take necessary action.
Theft Details and Return of Some Stolen NFTs
The official account of Revoke Cash X revealed that the perpetrator made off with approximately $3 million worth of NFTs, primarily from the Bored Ape and Mutant Ape collections. While the exact details of the theft remain unclear, Revoke Cash noted that the exploiter has returned some of the stolen NFTs to their rightful owners, offering hope for asset recovery.
Increasing Security Breaches in the NFT Space
The NFT Trader incident is the latest in a series of security breaches that have plagued the crypto industry. It follows closely behind the Ledger Connect Kit Library mishap and the Okx Dex hack. Recent research has shown that a staggering $343 million has been stolen from both centralized and decentralized crypto exchanges in the past month alone. As non-fungible tokens continue to gain value, they have become attractive targets for attackers due to their significant worth.
Rising Threat of Phishing Attacks on NFT Owners
Phishing attacks targeting NFT owners have been on the rise in recent years. These scams employ deceptive tactics to trick unsuspecting victims into revealing sensitive information, which can then be used to compromise their security systems and gain access to their digital wallets. In one notable incident in January 2022, an owner of a New York gallery fell victim to a phishing scam, resulting in the theft of NFTs worth $2.2 million.
Conclusion
The security breach at NFT Trader serves as a stark reminder of the vulnerabilities that exist within the NFT space. As the value of NFTs continues to soar, it is crucial for platforms and users to prioritize security measures and remain vigilant against potential threats. The return of some stolen NFTs in this particular incident provides hope for affected users, but it also highlights the importance of taking proactive steps to protect valuable digital assets.
What are your thoughts on the NFT Trader hack? Share your opinions in the comments section below.
Frequently Asked Questions
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
To take advantage of this tax-free status, you must own at least $10,000 worth of gold and have been storing it for at least five years.
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 plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
You should consult a financial planner or accountant to see what options are available to you.
Should You Buy or Sell Gold?
In the past, gold was considered a haven for investors during economic turmoil. However, today many people are turning away from traditional investments such as stocks and bonds and instead looking toward precious metals such as gold.
The trend for gold prices has been upward in recent years but they still remain low relative to other commodities like silver and oil.
Experts believe this could change soon. They believe gold prices could increase dramatically if there is another global financial crises.
They also point out that gold is becoming popular because of its perceived value and potential return.
These are some important things to remember if your goal is to invest in gold.
- Consider first whether you will need the money to save for retirement. It is possible to save enough money to retire without investing in gold. That said, gold does provide an additional layer of protection when you reach retirement age.
- Second, you need to be clear about what you are buying before you decide to buy gold. Each offer varying degrees of 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.
Do your research before you buy gold. If you already have gold, make sure you protect it.
What is a Precious Metal IRA and How Can You Benefit From It?
An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. They make excellent investments for your money and help you protect your future from inflation and economic instability.
Precious metals are often referred to as “bullion.” Bullion refers only to the actual metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
An IRA for precious metals allows you to directly invest in bullion instead of purchasing stock shares. This ensures that you will receive dividends each and every year.
Precious Metal IRAs don’t require paperwork nor have annual fees. You pay only a small percentage of your gains tax. Additionally, you have access to your funds at no cost whenever you need them.
What are the benefits of a Gold IRA?
You can save money on retirement by putting your money into an Individual Retirement Account. It's not subject to tax until you withdraw it. You have total control over how much each year you take out. There are many types and types of IRAs. Some are better for those who want to save money for college. Others are intended for investors seeking higher returns. Roth IRAs permit individuals to contribute after the age 59 1/2. Any earnings earned at retirement are subject to tax. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This type of account might be a good choice if your goal is to retire early.
The gold IRA allows you to invest in different asset classes, which is similar to other IRAs. Unlike a regular IRA which requires taxes to be paid on gains as you wait to withdraw them, a IRA with gold allows you to invest in multiple asset classes. People who want to invest their money rather than spend it make gold IRA accounts a great option.
Another advantage to owning gold via an IRA is the ease of automatic withdraws. You won't have the hassle of making deposits each month. To avoid missing a payment, direct debits can be set up.
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 in times of economic turmoil gold prices tend to remain stable. As a result, it's often considered a good choice when protecting your savings from inflation.
Statistics
- (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)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (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)
- 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)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
External Links
finance.yahoo.com
investopedia.com
- Are You a Good Candidate for a Gold IRA
- What are the Options Types, Spreads, Example and Risk Metrics
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear in 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
