Bakkt’s Bitcoin Future Exchange and Password Glitch in Coinbase

BitScreener’s news today presents the latest developments regarding Bakkt’s Bitcoin future exchange, password glitch in Coinbase and a slide show of active cryptos.

Bakkt Trust Company will allow investors to buy Futures in Bitcoin Next Month

Bakkt Trust has got the approval from the U.S. Commodity Futures Trading Commission to hold customers’ cryptocurrencies, according to Bloomberg. Bakk is a company of Intercontinental Exchange Inc., the parent of the New York Stock Exchange. This approval also allows investors to buy derivatives that payout with Bitcoins for the first time. The first contracts will be announced Sept. 23.

Kelly Loeffler, Bakkt’s chief executive officer, shared in a telephone interview: “We believe that the availability of a benchmark that can be referenced globally will create confidence in the true price of Bitcoin.” Bakkt also aims at making Bakkt backbone of digital payment infrastructure at retailers starting in 2020.

Coinbase Disclosed Password Glitch That Had Impacted 3,500 Customers

As reported by Coindesk, some Coinbase customers’ passwords stored on an internal server log was accessed by outside parties. In this case, customers’ personal information, including passwords were kept in clear text on internal logging systems. For individuals who used the same password on their second signup attempt, they were at risk of creating a password that matches the hashed version on the company’s logs. However, they were notified by Coinbase via email on Friday.

The bug occurred as Coinbase used React.js server-side rendering on the signup page; therefore, when a user signs up, a form to fill out was displayed. The problem was that this form “was extremely basic” and no “action” or “method” attributes were set. As a result, some browsers defaulted to “GET,” which encoded form variables as part of the log data. Fortunately, the issue was fixed by switching the default form method to “POST,” to ensure data is no longer logged.

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