Multiple Litecoin Addresses Target Of Series Of Dusting Attacks

Multiple Litecoin addresses become a target of a series of dusting attacks after they received a ‘’ dust’’ amount of LTC on two large-scale occasions back in August and November with a few spikes in transactional counts and wallets activity as we reported before in the Litecoin news.

The attack of this type seems harmless by sending a small number of coins to known addresses. However, with the hidden dusting attack, there could be malicious intentions. The dust transaction link wallets and addresses are usually not connected and may hamper blockchain investigations. The pattern noted on the Litecoin transaction chart shows a spike in transaction counts every week but the transactions are not constant and could spike due to other factors as well.

The pattern of activity becomes much more clear when the chart of active addresses is analyzed. In the previous three months, multiple Litecoin addresses became active at regular intervals. The regular pattern was first noticed by Franklyn Richards from the Litecoin Foundation and on some days the increased activity does not translate into more transactions. A few of the possible explanations include entities that automate the process of moving the coins. The altcoin remains one of the most liquid coins despite its relatively depressed price.
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Litecoin traded at $43 after its yearly lows on volumes of $2.7 billion in 24 hours.

The Litecoin network is also facing some issues since the mining activity is slowing down. The network is down by 70 percent compared to its peak in July and August since the miners abandoned the coin after the halving of the reward. LTC didn’t double its price since the halving but lost about 60 percent. LTC has been used in a few large-scale crypto lending schemes and none of the biggest Ponzi schemes have gathered LTC. However, the asset was counted as one of the common coins used for darknet activity but no LTC has been stolen from exchanges on a large scale so far.

Most of the market operators have increased the number of confirmations needed to avoid the 51% double-spending attacks and the best approach therefore to dusting attacks is to monitor the personal wallets and avoid re-spending the dust with other coins.