Lightning Network Developers Warn of Bug That Could Cause Loss of Bitcoin
Developers have disclosed a security hole in various versions of bitcoin’s Lightning Network software that could cause users to lose money if not updated.
The bug was first made public on Aug. 30 by bitcoin and Lighting developer Rusty Russel and confirmed Tuesday afternoon by Olaoluwa Osuntokun, CTO of startup Lightning Labs.
It’s unclear how much bitcoin, if any, was lost, or how many users were affected.
You Can Now Buy Lightning-Powered Bitcoin With a Credit Card
Payments startup Breez has unveiled a new feature allowing lightning-based bitcoin purchases directly from its mobile app.
The feature, made possible thanks to a partnership with fiat-to-crypto broker MoonPay, is available to users in 35 countries. According to the company, it simplifies the currently long-winded procedure for lightning payments.
A “Layer 2” payment protocol that operates on top of a blockchain, lightning is seen by many in the blockchain industry as solving bitcoin’s scalability issues. But it remains experimental technology and users can potentially lose money during transactions due to undiscovered bugs, say security experts.
While buying lightning directly with a credit card sounds like a simple feature, Breez claims this functionality hasn’t been possible before now.
Bakkt to Require $3.9K Down Payment on Bitcoin Futures Contracts
Bakkt has officially revealed the initial deposits its customers will have to make to margin trade its bitcoin futures products.
In a new notice posted Tuesday, ICE Futures U.S. – the actual futures exchange Bakkt’s contracts are trading on – announced the initial hedge and speculative requirements for customers, as well as its monthly rate add-ons.
John Todaro, director of research at TradeBlock, told CoinDesk that the initial margin requirements are “the amount of assets (collateral) that need to be pledged in order to open a position.”
According to Tuesday’s notice, customers will have a $3,900 deposit requirement for both Bakkt’s daily and monthly futures contracts as an initial hedge. The speculative initial requirements will be somewhat higher, at $4,290 each.