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Bitcoin Core Announces New Security Disclosure Policy
Published
5 days agoon
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A group of Bitcoin Core developers has introduced a comprehensive security disclosure policy to address past shortcomings in publicizing security-critical bugs.
This new policy aims to establish a standardized process for reporting and disclosing vulnerabilities, thereby improving transparency and security within the Bitcoin ecosystem.
Several previously undisclosed vulnerabilities are also included with the announcement.
What is a Security Disclosure?
A security disclosure is a process through which security researchers or ethical hackers report vulnerabilities they discover in software or systems to the affected organization. The goal is to allow the organization to address these vulnerabilities before they can be exploited by malicious actors. This process typically involves discovering the vulnerability, reporting it confidentially, verifying its existence, developing a fix, and finally, publicly disclosing the vulnerability along with details and mitigation advice.
Should Users Be Worried?
The latest Bitcoin Core security disclosures address various vulnerabilities with varying severity. Key issues include multiple denial-of-service (DoS) vulnerabilities that could cause service disruptions, a remote code execution (RCE) flaw in the miniUPnPc library, transaction handling bugs that could lead to censorship or improper orphan transaction management, and network vulnerabilities such as buffer blowup and timestamp overflow leading to network splits.
It is not believed any of those vulnerabilities currently present a critical risk for the Bitcoin network. Regardless, users are strongly encouraged to ensure their software is up to date.
For detailed information, see the commits on GitHub: Bitcoin Core Security Disclosures.
Improving the disclosure process
Bitcoin Core’s new policy categorizes vulnerabilities into four severity levels: Low, Medium, High, and Critical.
- Low severity: Bugs that are difficult to exploit or have minimal impact. These will be disclosed two weeks after a fix is released.
- Medium and High severity: Bugs with significant impact or moderate ease of exploitation. These will be disclosed a year after the last affected release goes end-of-life (EOL).
- Critical severity: Bugs that threaten the entire network’s integrity, such as inflation or coin theft vulnerabilities, will be handled with ad-hoc procedures due to their severe nature.
This policy aims to provide consistent tracking and standardized disclosure processes, encouraging responsible reporting and allowing the community to address issues promptly.
History of CVE Disclosures in Bitcoin
Bitcoin has experienced several notable security issues, known as CVEs (Common Vulnerabilities and Exposures), over the years. These incidents highlight the importance of vigilant security practices and timely updates. Here are some key examples:
CVE-2012-2459: This critical bug could cause network problems by allowing attackers to create invalid blocks that looked valid, potentially splitting the Bitcoin network temporarily. It was fixed in Bitcoin Core version 0.6.1 and motivated further improvements in Bitcoin’s security protocols.
CVE-2018-17144: A critical bug that could have allowed attackers to create extra Bitcoins, violating the fixed supply principle. This issue was discovered and fixed in September 2018. Users needed to update their software to avoid potential exploitation
Additionally, the Bitcoin community has discussed various other vulnerabilities and potential fixes that have not yet been implemented.
CVE-2013-2292: By creating blocks that take a very long time to verify, an attacker could significantly slow down the network.
CVE-2017-12842: This vulnerability can trick lightweight Bitcoin wallets into thinking they received a payment when they hadn’t. This is risky for SPV (Simplified Payment Verification) clients.
The conversation around these vulnerabilities underscores the ongoing need for coordinated and community-supported updates to Bitcoin’s protocol. Ongoing research around the idea of a consensus cleanup soft fork seeks to address latent vulnerabilities in a unified and efficient manner, ensuring the continued robustness and security of the Bitcoin network.
Maintaining software security is a dynamic process requiring ongoing vigilance and updates. This intersects with the broader debate on Bitcoin ossification—where the core protocol remains unchanged to maintain stability and trust. While some advocate for minimal changes to avoid risks, others argue that occasional updates are necessary to enhance security and functionality.
This new disclosure policy by Bitcoin Core is a step towards balancing these perspectives by ensuring that any necessary updates are well-communicated and managed responsibly.
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Republican National Committee Endorses Pro-Bitcoin Platform in Party Draft
Published
57 mins agoon
July 8, 2024By
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Today, a Republican National Committee panel approved a draft of its 2024 party platform, that strongly supports Bitcoin.
On page nine, the draft explicitly states, “We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their digital assets, and transact free from Government Surveillance and Control.”
JUST IN: 🇺🇸 Republican National Committee panel passes draft of party platform, pledging to "defend the right to mine #Bitcoin" and protect self custody. pic.twitter.com/CnH8nMOuUO
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Additionally, it promises to end what it calls the Democrats’ “unlawful and unAmerican Crypto crackdown” and opposes the creation of a Central Bank Digital Currency (CBDC). According to The Hill, the platform committee overwhelmingly approved the new draft and it will face a final vote on Tuesday.
This decision further marks a clear stance by the Republican party in favor of Bitcoin and cryptocurrency innovation, positioning itself against the current unwelcoming stance by the Biden Administration and Democrats.
The draft reflects the growing interest and advocacy for protecting and supporting Bitcoin within the party, aligning with broader trends of Bitcoin adoption and support among various Republican politicians. In May, Donald Trump said he “will ensure that the future of crypto and Bitcoin will be made in the USA.”
The full approved draft can be read here:
View the original article to see embedded media.
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bitcoin exchanges
The German Government Is Selling More Bitcoin – $28 Million Moves to Exchanges
Published
6 hours agoon
July 8, 2024By
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The German government continued shifting portions of its massive Bitcoin trove to exchanges on Monday, transferring over $56 million worth across multiple transactions.
According to blockchain data, addresses linked to the German government moved a total of 500 BTC to Bitstamp and Coinbase (250 BTC each), worth about $27.9 million, at 14:48 UTC+8 today, and transferred 500 BTC to an unmarked address.
JUST IN: 🇩🇪 German Government sends another 1,000 #Bitcoin worth $56 million to exchanges 👀 pic.twitter.com/zsxg3q2tkV
— Bitcoin Magazine (@BitcoinMagazine) July 8, 2024
Germany originally seized nearly 50,000 Bitcoin back in 2013 from the operators of the now-defunct piracy website Movie2K. The stash is estimated to be worth around $2.3 billion at today’s prices.
This comes after the government shifted around $390 million in Bitcoin to various platforms since mid-June.
The steady flow of transfers to exchanges signals Germany’s potential intentions to liquidate parts of its reserves. While reasons remain uncertain, the sales have fueled volatility in Bitcoin’s price, which dipped below $55,000 last week.
However, the amounts shifted so far equate to a relatively small portion of Germany’s massive holdings. After the latest transactions, the government still possesses around 40,000 bitcoins valued at nearly $2.2 billion.
Nonetheless, the remaining reserves represent a significant share of daily Bitcoin trading volumes. As such, experts caution the threat of further turbulence lingers as long as Germany stays active in reducing exposure.
The liquidations come just as long-awaited creditor payouts from Mt. Gox’s 2014 collapse appear set to begin. This timing might compound selling pressure on Bitcoin amid an already bearish macro environment.
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Altcoins
Justin Sun Says TRON Team Designing New Gas-Free Stablecoin Transfer Solution
Published
7 hours agoon
July 8, 2024By
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Justin Sun has announced that developers are now working on a stablecoin transfer solution that can function without gas fees on the TRON (TRX) network.
The crypto billionaire says the new service is set to roll out later this year, initially on TRON before expanding to Ethereum (ETH) and other EVM-compatible chains.
“Our team is developing a new solution that enables gas-free stablecoin transfers. In other words, transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves.
This innovation will first be implemented on the Tron blockchain and later support Ethereum and all EVM-compatible public chains.
We anticipate launching this service in Q4 of this year. I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”
At time of writing, it’s unclear how the new service will be able to operate without gas fees.
Last month, market intelligence firm Lookonchain reported that the 24-hour trading volume of Tether’s USDT on TRON stood at $53 billion while payment giant Visa’s was only at $42 billion.
“The 24-hour trading volume of USDT on TRON Network is $53 billion, exceeding Visa’s average daily trading volume. Visa’s trading volume in Q1 2024 was $3.78 trillion and the average daily trading volume was $42 billion.”
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