Vulnerability Found in Bitcoin ABC turned to Developers

The Bitcoin ABC development team were notified of a critical issue relatively to Bitcoin Cash miners who were utilizing the Bitcoin-ABC 0.17.0 client
07 May 2018   1747

Recently the Bitcoin ABC development team were informed of a vulnerability in the ABC 0.17.0 client by an unknown person(s). As the developers claimed, the mistake could have lead to an unintended split in the Bitcoin Cash network. Reports reveal that an attacker could build a harmful transaction that would be accepted by Bitcoin-ABC 0.17.0 miners. Although, the block would be denied by the rest of the compatible versions of Bitcoin Cash-compatible mining applications like the Bitcoin Unlimited client.

BUCash and versions of Bitcoin-ABC prior to 0.17.0 could be split from the majority Bitcoin Cash blockchain — Only Bitcoin ABC and BUCash nodes were included in the analysis of this vulnerability... We also want to thank the miners for their cooperation, understanding and for the fast and professional way in which they took action to protect the Bitcoin Cash network and its users.
Bitcoin ABC development team 

After some checking and exploring of the vulnerability, the Bitcoin ABC development team operated a patch for the issue immediately. “Bitcoin ABC 0.17.1 fixes this problem,” comments the ABC teams incident report and the new software was directed to verified BCH miners. The Lead Developer of the Bitcoin.com’s Mining Pool, Shaun Chong, referred that after the vulnerability report was released the ABC development team was very soon to assess and solve the issue.   

The Bitcoin ABC developers are asking all 0.17.0 users to upgrade to the latest 0.17.1 client as quickly as possible. The team displays that it will be taking “several actions” in the future to prevent events like this from occurring again and mitigate similar times even faster.  “Bitcoin ABC is in discussions with industry participants to establish a formal bug bounty system,” the team emphasizes.

ABC developers claim they would like to thank the anonymous person(s) who reported them about the problem. The message provided was “clear and professional” according to the developing team.

Israeli BTC Investors to Face Catch 22

They need to pay taxes from Bitcoin investing in order to avoid their property arrest, but banks don't take their money due to AML issues
06 August 2019   185

Bitcoin investors in Israel are faced with the impossibility of paying taxes, as local banks refuse to accept funds received from the sale of cryptocurrencies because of the risks of money laundering and terrorist financing. About this writes the local edition of Haaretz on August 6.

Bitcoin is not recognized as a currency in Israel, therefore, individuals must pay 25% of the income from cryptocurrency trading to the treasury, and legal entities - 47%.

Investor Ron Gross told the publication that he acquired bitcoins in 2011 and reported his income to the tax office. In 2017, the bank that served Gross began to refuse to accept funds received from the sale of bitcoins. The investor met with representatives of the bank to demonstrate to them a 70-page history of bitcoin transactions as confirmation of the origin of the funds, but failed to convince them.

The tax authority is aware of the problem, but they say the ball isn’t in their courts. I’ve tried working with almost all the banks, but the minute they hear the word ‘Bitcoin’ they freeze up.
 

Ron Gross

Bitcoin investor from Israel

 

Since Gross was unable to pay taxes on time, his bank account, home, and even scooters were arrested. According to the investor, the tax authorities know about the problem, but can do nothing.

According to Haaretz, the tax office is aware of $ 86 million in unpaid taxes on income from cryptocurrency trading. It is possible that the real amount may be significantly higher.

Roy Arav, another Bitcoin investor, kept the proceeds from trading Bitcoin in an account with Israeli bank Discount under the control of the Bit2C exchange. The bank refuses to transfer money to Arava’s personal account under the pretext that its politicians forbid it to transfer funds related to virtual assets to client accounts due to the risks of money laundering and terrorist financing.

Arav also could not pay taxes and was forced to sue the bank. According to the investor, the authorities entered his position and granted him a deferral of time for the consideration of the claim.