Wounded BTC Miner charges Trading Repressions in China

Constant repressions on bitcoin trading in mainland China has led to a Taiwanese bitcoin miner in being shot by local bandits
16 April 2018   1690

According to Liberty Times` report (Taiwanese news source), the incident happened  on Saturday night, when two local killers had planned to meet a bitcoin miner with whom they had made a substantial investment.

The miner who has the surname Wu, had preliminary accepted 10 million Chinese yuan (approximately $1.7 million) from the two - surnamed Li and Gao - in order to take part Wu's bitcoin mining procedure. While the exact whereabouts of the mining facility remains unknown, the report hinted that the provision could be inside mainland China.

With nearly $370,000 of benefit, Wu declared in the report that due to pressuring  regulations on bitcoin trading in China, the income could not be exchanged at once for fiat currency, as per the two gangsters' demands - a factor that sparked a dispute at the appointment.

With the further development of things, Wu was shot in his ankle. The gangsters left  the crime location, but found themselves into the police seven hours later this incident. The police then affirmed the suspects were from local gangs.

While not the first occasion of a crime related to bitcoin in Taiwan, the case is definitely notable for the involvement of participants in organized  misdeed. The news also reveals another incident where the surging price of bitcoin over the past year has led to crimes involving armed aggressors. For example, the two events in Canada and the U.K. in January, when the thieves robbed bitcoin investors at gunpoint.

Also last week, Singapore's police reported about a case in which bitcoin brokers were stealed of some $300,000.

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   126

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.