- Odd Litecoin network activity likely to be linked to august dust attack
- Litecoin marks its eighth birthday
Franklyn Richards, a product developer, has observed Litecoin (LTC) network activity that reminds him of the August 10 dust attack on Litecoin. On December 14, Richards who has worked on Bitcoin (BTC) and Litecoin since 2013, illustrates a pattern developing among active Litecoin network addresses.
According to Richards, an odd entity is taking “large periodic automated actions” on the Litecoin network, causing “an almost sawtooth-like pattern.” He elucidates:
“On average the network typically sees around 40,000 active addresses per day, however, according to data from bitinfocharts, every 7 days this value is spiking to over 70,000 before abruptly dropping back down. This has resulted in an almost sawtooth-like pattern that’s pretty evident given a cursory glance.”
Richards claims that the current “strange” network performance, which supposedly started on August 20, seems to be connected to the August 10 dust attack that was revealed via the official Binance Twitter account at the time. On August 10, the Litecoin community was up in arms as Binance declared that possibility of a dusting attack.
The firm enlightened that about 50 Binance Litecoin addresses received a small amount (0.00000546) of Litecoin, which the exchange’s security team recognized as a part of a large-scale dusting attack. A dusting attack happens when hackers send a minute fraction of a cryptocurrency to a large group of addresses.
Litecoin (LTC) Price Today – LTC / USD
These little fractions are known as dust, as they can be as little as 1 Satoshi, which most users do not detect or may think of as harmless. Since the balances are so little, they cannot be spent without being involved in a transaction along with the victim’s other funds. This permits the hacker to trace and de-anonymize the victim behind the wallet. Though, Richards wraps up his blog post by indicating that without appropriate “access to more data tools for the Litecoin network, it’s hard to properly analyze the actions behind the behavior.”
Litecoin Marks its Eighth Birthday
On 13th October 2019, Litecoin marks its eighth birthday. An event celebrated by its founder Charlie Lee, who notably sold and donated all his LTC holdings back in December 2017. During the celebration, he stated: “Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that period, over $500,000,000,000 worth of LTC has been transacted. Looking forward to the next 8 years and more!”