NFT Trader Compromised, $2.85 Million Worth of NFTs Stolen
Reports have confirmed that NFT Trader, a popular NFT trading platform, has fallen victim to a security breach. It is estimated that the breach has resulted in the theft of approximately $2.85 million worth of high-value NFTs. The platform issued a public statement on X, alerting users to the attack and urging them to remove the delegation using 'revoke cash' to specific addresses associated with the affected smart contracts.
Theft Details and Stolen NFTs
Revoke Cash X, an official account, revealed that the thief managed to steal around $3 million worth of NFTs, primarily consisting of Bored Apes and Mutant Apes. The exact method employed by the assailant to carry out the theft remains unclear. However, some of the stolen NFTs have been returned to their rightful owners. Revoke Cash expressed hope that users would be able to recover at least a portion of their assets.
A Series of Security Breaches
The incident at NFT Trader adds to a growing list of security breaches in the NFT sector. Earlier this year, the Ledger Connect Kit Library experienced a mishap, and the Okx Dex was hacked. A recent study revealed that a staggering $343 million had been stolen from both centralized and decentralized crypto exchanges. Non-fungible tokens have become prime targets for attackers due to their increasing value.
Rising Threat of Phishing Attacks
In recent years, owners of non-fungible tokens have faced a rising threat of phishing attacks. Attackers employ various deceptive strategies to trick victims into revealing sensitive information that compromises their security systems. This enables the assailants to gain unauthorized access to victims' digital wallets and steal their NFTs. An illustrative example of such an attack occurred in January 2022 when 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 section below.
Frequently Asked Questions
Is buying gold a good way to save money for retirement?
Although buying gold as an investment might not sound appealing at first, when you look at the average annual gold consumption worldwide, it is worth looking into.
The most popular form of investing in gold is through physical bullion bars. However, there are many other ways to invest in gold. It's best to thoroughly research all options before you make a decision.
If you're not looking to secure your wealth, it may be worth considering purchasing shares in mining equipment or companies that extract gold. If you require cash flow, gold stocks can work well.
You can also invest your money in exchange-traded fund (ETFs), which give you exposure to the gold price by holding securities related to gold. These ETFs typically include stocks from gold miners, precious metallics refiners, commodity trading companies, and other commodities.
Do you need to open a Precious Metal IRA
Precious metals are not insured. This is the most important fact to know before you open an IRA account. You cannot recover any money you have invested. This includes investments that have been damaged by fire, flooding, theft, and so on.
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. These items are worth more today than they were when first produced.
If you decide to open an IRA account, choose a reputable company that offers competitive rates and 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.
Remember that you will not see any returns unless you are retired if you open an Account. Do not forget about the future!
What are the advantages of a gold IRA
It is best to put your retirement money in an Individual Retirement Account (IRA). It will be tax-deferred up until the time you withdraw it. You have complete control over how much you take out each year. And there are many different types of IRAs. Some are more suitable for students who wish to save money for college. Others are made for investors seeking higher returns. Roth IRAs let individuals contribute after age 591/2 and pay tax on any earnings at retirement. Once they start withdrawing money, however, the earnings aren’t subject to tax again. This account is a good option if you plan to retire early.
Because you can invest money in many asset classes, a gold IRA works similarly to other IRAs. Unlike a regular IRA you don't need to worry about taxes while you wait for your gains to be available. People who want to invest their money rather than spend it make gold IRA accounts a great option.
You can also enjoy automatic withdrawals, which is another benefit of owning your gold through an IRA. This means that you don't need to worry about making monthly deposits. Direct debits could be set up to ensure you don't miss a single payment.
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 not to fluctuate. As a result, it's often considered a good choice when protecting your savings from inflation.
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)
- The price of gold jumped 131 percent from late 2007 to September 2011, when it hit a high of $1,921 an ounce, according to the World Gold Council. (aarp.org)
External Links
bbb.org
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement funds
cftc.gov
forbes.com
- Gold IRA, Add Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How To
Tips for Investing Gold
Investing in Gold remains one of the most preferred investment strategies. There are many benefits to investing in gold. There are several options to invest in the gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.
Before buying any type gold, it is important to think about these things.
- First, find out if your country allows gold ownership. If your country allows you to own gold, then you are allowed to proceed. You might also consider buying gold in foreign countries.
- The second is to decide which kind of gold coin it is you want. You can go for yellow gold, white gold, rose gold, etc.
- You should also consider the price of gold. It is better to start small, and then work your way up. One thing that you should never forget when purchasing gold is to diversify your portfolio. You should invest in different assets such as stocks, bonds, real estate, mutual funds, and commodities.
- Last but not least, remember that gold prices fluctuate frequently. You need to keep up with current trends.
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By: Jamie Redman
Title: Security Breach at NFT Trader Results in Theft of High-Value Bored and Mutant Ape NFTs
Sourced From: news.bitcoin.com/p2p-platform-nft-trader-falls-victim-to-security-flaw-3-million-in-blue-chip-nfts-lifted/
Published Date: Sun, 17 Dec 2023 10:30:30 +0000
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