Litecoin Address Analysis Discovers A Sprinkling of “Dusting Attacks” on LTC Network
- Litecoin is presently priced at $44.01.
- The addresses impacted by dusting attacks cannot be mapped until the crypto assets move.
There are many different ways for hackers to attack the cryptocurrency sector, but dusting attacks are perhaps the most seemingly harmless. This type of attack sends a small number of coins to a few known addresses, which wouldn’t move the market by much. The transactions connect multiple wallets and addresses that would not ordinarily be linked, which could come with bad intentions. This connection between the wallets could prevent blockchain investigations from making progress on finding the attackers, and therein lies the problem.
Reports from Bitcoinist show that the Litecoin network has been the subject of many separate “dusting attacks.” In both August and November, a significant number of addresses became the recipient of “dust” amounts of LTC. At the same time, a notable spike was found in the wallet activity and the number of transactions recorded.
The Litecoin transaction count showed a spike for each of these weeks, though it is always possible for transactions to boost during a market price rally or many other events. However, Franklyn Richards of the Litecoin Foundation decided to delve into this matter with a fine-tooth comb, finding a pattern amongst transaction activity. Through the last three months, during regular intervals, activity seems to suddenly spike, and some of the days show that the increase in activity doesn’t actually correlate with increased transactions.
Richard states that the movement could be caused by entities automating the process, which would explain the regularity of the spikes. He added that miners could be involved, disabling the attacks by limiting how these transactions spread. Still, as long as the dust spread through these attacks remains unspent, there’s no way to map the address or to link it with an identity, even though LTC is not an anonymous coin.
LTC’s price has been rather low, even though it continues to be one of the most liquid coins on the market. However, the digital asset traded at $43.89 after a year of these low numbers, reaching volumes of $2.7 billion within a brief 24-hour window. At the time of writing, LTC is traded at $44.01, rising by nearly 1% in the last 24 hours.
These minor attacks aren’t the only issue that Litecoin is facing. The network’s mining activity is starting to slow, showing 70% less activity than what the coin recorded through the summer months after the halving. Unlike previous trends, LTC didn’t double in price, but actually dropped by about 60% after the event.
— Vincent (@Vincent45171619) December 15, 2019
Even though Litecoin hasn’t been found in any of the crypto lending schemes in the market, which doesn’t mean it’s been absent from nefarious transactions. Though it has yet to be stolen in mass amounts from exchanges the way that Bitcoin and ERC-20 tokens have been, this coin is considered to be one of the most common coins transacted in darknet actions.