Platypus Hackers Acquitted After Perpetrating $9 Million Exploit
Mohammed and Benamar M., two brothers who were accused of exploiting Platypus, an automated market maker (AMM) platform based on Avalanche, have been acquitted of any criminal wrongdoing in a landmark case for French justice. The judge in charge stated that the individuals had simply interacted with a smart contract that exceeded its intended capabilities.
Exploit Details: $9 Million Siphoned from Platypus
In the case involving the exploit of Platypus, a stablecoin-focused AMM platform, the Paris Judicial Court has dropped charges against Mohammed and Benamar M. The two brothers were accused of accessing a computer system, money laundering, and concealment. They managed to siphon over $9 million from Platypus' smart contract using an exploit.
The individuals, who were arrested in February, did not deny their involvement in the exploit. Mohammed, in particular, admitted to his actions but claimed that he had acted as a "white hat hacker" to help the platform identify and fix its bugs.
Mohammed explained that he exploited the emergency withdrawal function of Platypus' smart contract with the intention of returning the funds later and receiving a bonus of at least 10% of the amount involved. This approach has become a common trend in recent hacking attempts.
Unfortunately, Mohammed lost control of an address that now holds nearly $8.5 million, which is currently unrecoverable. In another attempt, he managed to withdraw over $280,000 from the smart contract. He then sent the funds to a mixing service to obscure their source before ultimately transferring $13,000 to his brother, Benamar.
Judge's Ruling and Future Implications
The court dismissed the charge of unauthorized access to a computer system, as Mohammed had only interacted with a smart contract that exceeded its intended capabilities. The judge also rejected charges of money laundering and concealment.
However, the defense's claim of ethical hacking was not accepted by the judge. He stated that the defendants could still face civil proceedings in relation to their actions.
According to Le Monde, the judge said, "You still have a debt linked to the loan, and Platypus will probably take legal action against you. This decision is therefore not straightforward, as the charges do not hold up on a criminal level."
Platypus' History of Exploits
Platypus has experienced three separate exploits this year, resulting in a total loss of over $11 million. These incidents highlight the vulnerabilities within the platform and the need for enhanced security measures.
What are your thoughts on the outcome of the Platypus exploit case? Share your opinions in the comments section below.
Frequently Asked Questions
Should you open a Precious Metal IRA
This depends on what your investment goal is and how risk-tolerant you are.
You should start an account if you intend to retire with the money.
This is because precious metals are more likely to appreciate in the future. They also offer diversification benefits.
The prices of silver and gold tend to be linked. This makes them an excellent choice for investors in both assets.
Precious metal IRAs are not recommended for anyone who isn't planning to use their money for retirement and doesn't want any risk.
Can you keep precious metals inside an IRA
The answer depends on whether or not the IRA owner is looking to diversify his holdings in gold and silver, or to keep them for safekeeping.
If he does want to diversify, then there are two options available to him. He could buy physical bars of gold and/or silver from a dealer or sell these items back to the dealer at the end of the year. Imagine he doesn't desire to sell off his precious metals investments. He should keep them, as they are perfectly safe to be stored in an IRA account.
What is the interest rate on a gold IRA?
It depends on how much money you put into it if you have $100,000, then yes. If your assets are less than $100,000, it is no.
How much money you place in an IRA will determine how it earns interest.
If you invest more than $100,000 each year in retirement savings, you may want to open a regular brokerage instead.
You will likely earn more interest there, but you'll also be exposed to riskier investments. You don't want to lose all of your money if the stock market crashes.
An IRA might be more advantageous if you are able to contribute only $100,000 per year. At least, until the market begins to grow again.
Can I store my gold IRA in my home?
An online brokerage account is the best option to protect your investment funds. You'll have access to all the same investment options as if you were working with a traditional broker, but you don't need special licenses or qualifications. You won't pay fees to invest.
Many online brokers also offer tools that can help you manage your portfolio. They will even let you download charts to see how your investments perform.
What type of IRA are you using to buy precious metals stocks?
An Individual Retirement Account (IRA) is an investment vehicle most employers and financial institutions offer. An IRA allows you to contribute money that is tax-deferred until it is withdrawn.
You can save taxes by setting up an IRA and then paying them off when you retire. This means that you can deposit more money into your retirement plan than have to pay taxes on it tomorrow.
An IRA is a tax-free way to make contributions and earn income until you withdraw the funds. Early withdrawals are subject to penalties.
You can also make additional contributions to your IRA after age 50 without penalty. You'll owe income tax and a 10% federal penalty if you withdraw from your IRA in retirement.
A 5% IRS penalty is applicable to withdrawals made before the age of 59 1/2. Withdrawals between ages 59 1/2 and 70 1/2 are subject to a 3.4% IRS penalty.
An IRS penalty of 6.2% applies to withdrawals above $10,000 per year.
Can you make a profit on a Gold IRA?
It is important to first understand the market in order to be able to invest and secondly to identify what products are currently available.
If you don't know, you shouldn't start trading until you are sure you have enough information to trade successfully.
Find a broker that offers the best service to your account type.
You can choose from a variety of accounts, including Roth IRAs or standard IRAs.
If you have any other investments such stocks or bonds, you may want to consider a rollover.
Statistics
- 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)
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- The IRS also allows American Eagle coins, even though they do not meet gold's 99.5% purity standard. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
External Links
forbes.com
wsj.com
takemetothesite.com
investopedia.com
How To
How To Buy Gold For Your Gold IRA
Precious metal is used to describe precious metals such as gold, silver (excluding helium), palladium, palladium or osmium), ruthenium, rose, rhenium, ruthenium and others. It can be any element naturally occurring between atomic numbers 7 and 110 (excluding the helium). This is valuable due to its beauty and rarity. Precious metals that are most commonly used include silver and gold. Precious metallics are frequently used as jewelry, money and industrial goods.
The price of gold fluctuates daily due to supply and demand. The demand for precious materials has increased dramatically over the last decade as investors seek to find safe havens in volatile economies. The increased demand has led to a significant rise in prices. Some people are concerned about investing in precious metals due to the rising cost of production.
Because it is rare and long-lasting, gold makes a great investment. Gold never loses its value, unlike other investments. Additionally, you can sell and buy gold without any taxes. There are two methods to invest gold. You have two options: you can buy gold bars and coins, or you can invest in futures contracts.
The physical gold bars and coins provide immediate liquidity. They're easy to trade and store. But they don't offer much protection against inflation. You can protect yourself against rising prices by purchasing gold bullion. Bullion is physical gold that comes in different sizes and shapes. One-ounce pieces are available for billions, while larger quantities such as kilobars and tens of thousands can be purchased. Bullion is typically stored in vaults to protect it from theft and fire.
If you prefer owning shares of gold rather than holding actual gold, you should consider buying gold futures. Futures allow you to speculate on how the price of gold might change. You can expose yourself to the price of gold by buying gold futures without having to own the physical commodity.
If I wanted to speculate about whether gold's price would rise or fall, I could buy a gold contract. My position at the expiration of the contract will be either “long-term” or “short-term.” A long contract is one in which I believe that the price of gold will rise. I'm willing now to pay someone else money, but I promise I'll get more money at the end. A short contract on the other side means that I believe gold's price will fall. I'm willing now to accept the money in exchange for the promise of making less later.
I will receive the amount of gold in the contract, plus interest, when the contract ends. This way I have exposure to the gold's price without having to actually hold it.
Precious Metals are great investments as they are difficult to counterfeit. While paper currency can be easily counterfeited simply by printing new notes, precious metals cannot. Precious metals have held their value over the years because of this.
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By: Sergio Goschenko
Title: Platypus Exploiters Cleared of Wrongdoing: Landmark Case Ends in Acquittal
Sourced From: news.bitcoin.com/platypus-exploiters-acquitted-of-wrongdoing-in-landmark-case/
Published Date: Mon, 04 Dec 2023 00:30:01 +0000
