Two brothers, Mohammed and Benamar M., who were accused of exploiting Platypus, an automated market maker (AMM) platform based on avalanche technology, have been acquitted of any criminal wrongdoing in a landmark case for the French justice system. The judge overseeing the case stated that the individuals simply interacted with a smart contract that exceeded its intended functionality.
Platypus Hackers Acquitted After Executing $9 Million Exploit
In France, two individuals linked to the exploit of Platypus, an AMM platform focused on stablecoin trading and built on the Avalanche network, have been acquitted of criminal charges. The Paris Judicial Court dropped charges of unauthorized access to a computer system, money laundering, and concealment against Mohammed and Benamar M., two brothers who managed to exploit Platypus' smart contract, resulting in the siphoning of over $9 million.
Although the two individuals were arrested in February, they did not deny their involvement in the exploit. Mohammed, in fact, admitted to the actions but claimed that he was acting as a "white hat hacker" to assist the platform in fixing its vulnerabilities.
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, a tactic commonly observed in recent hacking attempts.
However, he ultimately lost control of an address that now holds nearly $8.5 million, which is irretrievable. In a subsequent attempt, he successfully withdrew over $280,000 from the smart contract, sent it to a mixing service to obfuscate the origin of the funds, and eventually transferred $13,000 to his brother, Benamar.
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 functionality, according to the presiding judge. The charges of money laundering and concealment were also rejected as a result.
However, the judge rejected the defense's argument of ethical hacking, indicating that the defendants may face liability in a future civil lawsuit.
According to an article by Le Monde, the judge stated:
You still have a debt related to the loan, and Platypus will likely pursue civil proceedings against you. Therefore, this decision is not straightforward, as the charges do not hold up at a criminal level.
Platypus has experienced three separate exploits this year, resulting in a total loss of over $11 million.
What are your thoughts on the outcome of the Platypus exploit case? Share your opinions in the comments section below.
Frequently Asked Questions
How is gold taxed within an IRA?
The tax on the sale of gold is based on its fair market value when sold. You don't pay taxes when you buy gold. It's not considered income. If you decide to make a sale of it, you'll be entitled to a taxable loss if the value goes up.
For loans, gold can be used to collateral. Lenders look for the highest return when you borrow against assets. Selling gold is usually the best option. The lender might not do this. They may keep it. They might decide to sell it. The bottom line is that you could lose potential profit in any case.
If you plan on using your gold as collateral, then you shouldn't lend against it. It's better to keep it alone.
What are the fees associated with an IRA for gold?
$6 per month is the Individual Retirement Account Fee (IRA). This includes account maintenance and any investment costs.
You may have to pay additional fees if you want to diversify your portfolio. These fees can vary depending on which type of IRA account you choose. Some companies offer free check accounts, but charge monthly fee for IRA accounts.
A majority of providers also charge annual administration fees. These fees range from 0% to 1%. The average rate is.25% annually. These rates can often be waived if a broker, such as TD Ameritrade, is involved.
What are the benefits of a gold IRA
The benefits of a gold IRA are many. You can diversify your portfolio with this investment vehicle. You have control over how much money goes into each account.
You also have the option to roll over funds from other retirement accounts into a gold IRA. This is a great way to make a smooth transition if you want to retire earlier.
The best thing is that investing in gold IRAs doesn't require any special skills. These IRAs are available at all banks and brokerage houses. Withdrawals are made automatically without having to worry about fees or penalties.
There are, however, some drawbacks. The volatility of gold has been a hallmark of its history. Understanding why you invest in gold is crucial. Are you seeking safety or growth? Is it for security or long-term planning? Only after you have this information will you make an informed decision.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. One ounce won't be enough to meet all your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. But you won't be able to buy anything else with those funds.
What Should Your IRA Include in Precious Metals?
The most important thing you should know when investing in precious metals is that they are not just for wealthy people. You don't need to be rich to make an investment in precious metals. There are many ways to make money on silver and gold investments without spending too much.
You might consider purchasing physical coins, such as bullion bars and rounds. Shares in precious metals-producing companies could be an option. Your retirement plan provider may offer an IRA rollingover program.
Regardless of your choice, you'll still benefit from owning precious metals. They offer the potential for long-term, sustainable growth even though they aren’t stocks.
Their prices rise with time, which is a different to traditional investments. You'll probably make more money if your investment is sold down the line than traditional investments.
Statistics
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so 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)
- (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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (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)
External Links
bbb.org
irs.gov
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 account
finance.yahoo.com
How To
Tips for Investing In Gold
Investing in Gold has become a very popular investment strategy. There are many advantages to investing in Gold. There are several ways to invest in gold. Some people choose to purchase gold coins physically, while some prefer to invest with gold ETFs.
Before you purchase any type or gold, here are some things to think about.
- First, find out if your country allows gold ownership. If the answer is yes, you can go ahead. You can also look at buying gold abroad.
- Secondly, you should know what kind of gold coin you want. You can go for yellow gold, white gold, rose gold, etc.
- You should also consider the price of gold. It is best to start small and work your way up. It is important to diversify your portfolio whenever you purchase gold. Diversifying your portfolio should be a priority, including stocks, bonds and real estate.
- You should also remember that gold prices can change often. It is important to stay up-to-date with the latest trends.
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By: Sergio Goschenko
Title: Platypus Exploiters Acquitted of Wrongdoing in Landmark Case
Sourced From: news.bitcoin.com/platypus-exploiters-acquitted-of-wrongdoing-in-landmark-case/
Published Date: Mon, 04 Dec 2023 00:30:01 +0000
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