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Litecoin News

Binance Signals A Dusting Attack Against Litecoin (LTC)

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Binance Signals

The cryptocurrency exchange Binance is in the altcoin news today for pointing out a dusting attack against the fourth biggest cryptocurrency, Litecoin (LTC). As the news show, Binance signals a large scale attack against privacy – coming from the official Twitter profile of the cryptocurrency exchange.

As the company tweet claims, a major attack against the users of the altcoin Litecoin took place yesterday. The company made the claim official on August 9, mentioning:

“Approximately 5 hours ago there was a large-scale dusting attack on $LTC @Litecoin users.”

The coming altcoin news that Binance signals on an attack against Litecoin are not only a speculation. As we can see, the tweet also links to a specific transaction – which according to Binance is part of the attack – and one that sends a fraction (0.00000546 LTC) of a coin to 50 addresses. The exchange also noted that a so-called ‘dusting attack’ is happening, explaining it and further defining it in the following way:

“A dusting attack refers to a relatively new kind of malicious activity where hackers and scammers try and break the privacy of Bitcoin and cryptocurrency users by sending tiny amounts of coins to their personal wallets.”

The news that Binance signals a new attack against LTC are shared on many best cryptocurrency news sites. However, some analysts think that this is only said so that the exchange can ramp up more users.

The way this kind of attack basically works is with the attacker tracking down the transactional activity of the wallets. By analysing the data, the attacker tries to determine the identity and see who controls those wallets. Binance signals that so far, there is no proof for that.

As we reported in our latest cryptocurrency news at the beginning of this year, research cited dusting as one of the major threats to cryptocurrencies. However, there haven’t been many serious cases with dusting involved.

Meanwhile, Litecoin (LTC) is holding up well on the fifth position in the top cryptocurrency list with 2.38% gains on the day and a price of $86.76 at press time. The market cap of LTC is $5.4 billion which is around $800,000 more than the next altcoin that follows, Binance Coin (BNB).

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Litecoin News

Litecoin Dumps More Than 50 Percent But A Bounce Is Expected

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Litecoin dumps more than 50 percent today after it reached the 2019 year high of $146 on June 21, mainly because of the high selling pressure. As of today, Litecoin dropped as low as $70 for a plunge over 50 percent in less than two months as we can read in the coming altcoin news below. The halving of the cryptocurrency which was supposed to be the major catalyst for the cryptocurrency failed to live up to its hype. There is not a single another catalyst insight and the token’s prospects appear grim but some traders are already calling for Litecoin to dump to even lower levels. However, if we take a closer look at the Litecoin chart, we could feel more optimistic about the short term prospects. We are already noticing the signs of what could be a strong bullish correction. One idea that worked in the past for us is to bottom pick a market while it is trading near a key support level and flashing oversold conditions. The expected selling relief from oversold signals plus the demand at the support level usually leads to a massive buying frenzy. A quick look at the daily charts shows that the price is now being buoyed by multiple supports between $70 and $75 as the coin approaches the apex of a falling wedge. In addition, the momentum is swinging to the side of the bulls as well and the daily RSI is showing bullish divergence while trading close to oversold territory. The signals tell us that the bears are exhausted as they lose interest in selling at current levels. This stance is supported by the dwindling volume and this volume over the last weeks suggests that the sellers are losing ammunition. The lead analyst at BravadoTrading known as Bitcoin Jack Max supports the view that Litecoin is due for a bounce.
"Decent falling wedge with correct volume pattern with support at green makes for a decent long opportunity. Setup I would favor most is wicking through liquidity and closing above. This would signal a long entry. $92 and $104 would then be the targets with $111 and $117 to fully close out any remaining long position if you can ride the local corrective bounce trend."
As explained in the latest cryptocurrency news, Litecoin dumps more than 50 percent but is now trying to break out of the wedge and seal the $75 as support.
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Litecoin News

No Interest For Working On The Litecoin Protocol: Charlie Lee

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no interest
Charlie Lee, the founder of Litecoin claims there is no interest for working on the Litecoin protocol as we are reading further today in the coming altcoin news. According to the leaked conversations between Charlie Lee and other actors involved, show that there is evidence of no significant work being done on the crypto node since the beginning of the year. According to a Reddit post which was submitted just a few days ago, the Litecoin code development arena seems to become a ghost town. The post reveals a series of correspondence between the LTC creator Charlie Lee and some other members of the Litecoin Foundation. The crypto news sites who managed to obtain the HTML download of the leaked chat messages show that Franklyn Richards who is now the director of the Litecoin Foundation talked to Lee to task on the absence of any progress being made in order to improve the entire crypto protocol. A piece of the arguments reads:
 ‘’I was extremely disappointed to discover that no progress had been made on CT since the announcement, especially when I stand on stage telling everyone it’s happening and we are actively working on it.’’
The CT in the conversation stands for Confidential Transactions which is a protocol upgrade that Lee promised to happen about eight months ago but at the time he declared that CT will be available before this year ends. This is one of the reasons why there is no interest in working on the Litecoin improvement. Lee also noted on Twitter saying that though Litecoin GitHub shows no code commits in 2019, there is still some work being done that does not master the branch. The Litecoin creator admitted that he ‘’dropped the ball’’ on the promised Mimblewimble and CT protocols. Lee also noted that the updates have been side-tracked by activities in the adoption arena neglecting core developments such as the issue of fungibility as noted in some of the best cryptocurrency news sites. While responding to criticism from Richards, Charlie Lee gave a startling admission about the pedigree of his cryptocurrency saying:
 ‘’The honest truth is that no one is interested in working on Litecoin protocol development work. At least no one technically competent. You can’t just throw money at this problem. This is true for Litecoin since the beginning. It has only been me, Warren, and Thrasher.’’
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Litecoin News

Litecoin And Its Dusting Attack: What Happened And Why?

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litecoin and its dusting
The coming altcoin news recently talk a lot about Litecoin and its dusting attack which was potentially done on August 10 and announced through the official Binance Twitter account. As the tweet notes, around 50 Binance Litecoin addresses received a fractional amount (0.00000546) of Litecoin, which was later identified by the exchange's security team as a large-scale dusting attack. According to James Jager who is the project lead at Binance Academy, Litecoin and its dusting attack are a major topic on the best cryptocurrency news sites. This is why he sat down to discuss the reasons behind it - and said:

“It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K

“We became aware of the dusting attack on Saturday morning when one of our binance angels had received a small amount of LTC into their litecoin wallet.”

The co-founder of the blockchain data provider Glassnode, Jan Happel, also spoke about Litecoin and its dusting attack. He looked into it to confirm it and focused on the extra data which came up, showing a previously unreported dusting attack which occurred in April this year. As Happel said:

“We have done a quick query into the LTC blockchain and analyzed the number of utxo's that carry a smaller value than the mean tx fee that day. If a UTXO contains less balance than the minimum amount required to spend it (fee) that day, it becomes stuck/unspendable — this is what we technically define as dust.”

For those of you unfamiliar with dusting attacks, the altcoin news present them as a signature assigned to any unspent value (through UTXO which is the unspent transaction output) - merged to make the transaction amount.

This was the first time a large scale attack like this had occurred. Litecoin and its dusting attack were also explained by Jager as:

“The person behind the dusting attack owns a mining pool based out of Russia, EMCD[dot]io. They reached out to express that their intent was to advertise their mining pool to the users of Litecoin, however, it's unclear from our perspective or anyone else's as to whether there were alternative motives. The owner of the pool was not aware that he was subjecting all these users to a dusting attack and spreading fear among the Litecoin community.

“It's interesting to note, that even if this was not the intent of the mining pool owner, he provided a base for malicious actors to analyze. You see, the person responsible for conducting the dusting attack doesn't necessarily have to be the one collecting the data, they can just merely be providing a service so that someone else can collect all the information and analyze it at a later date.”

Even though they seem like a small and unharmful activity, dusting attacks can undermine user anonymity and be used against users to steal precious digital assets.

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Altcoin News

Altcoin Apocalypse: Only 2 Of Top 10 Altcoins Outperform BTC In 2019

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Altcoin Apocalypse
The latest altcoin news show a pile of losses for the most popular cryptocurrencies in the market cap. It seems like the altcoin apocalypse is strong at this point - showing that the further Bitcoin has climbed, the worse the altcoin market has suffered. It all went to the point where many are calling for an altcoin apocalypse that takes the price of most cryptocurrency assets to zero, except for Bitcoin and a select few coins that still provide value and utility. A new report shows that of the top ten crypto assets, only two altcoins have statistically outperformed Bitcoin this year (2019). The coming altcoin news also feature these coins as the ones with the best chances of recovering and reaching new all time highs. In times when a lot of crypto analysts are calling for another 50% drop in the altcoin markets which may form a double-bottom, others believe that an all-out "alt season" is ahead. What we can see right now, however, is nothing short of an altcoin apocalypse and something in between. Many altcoins from the last hype bubble doomed forever - and other clear winners with real utility emerged from the ashes of the "altpocalypse." According to data from the San Diego-based Blockforce Capital Chief Investment Officer David Martin, the altcoin apocalypse shows that only two of the ten cryptocurrency assets have outpaced Bitcoin in 2019. These include the names of Litecoin (LTC) as well as Binance's native token, Binance Coin (BNB). https://twitter.com/mrtn_dvd/status/1160917650999873536 While Bitcoin (BTC) managed to grow by 168% in 2019, the latest cryptocurrency news show that Litecoin (LTC) brought in 2014% in gains while Binance's native crypto token BNB has been nothing short of amazing - posting 364% gains in 2019 which makes it the top performing cryptocurrency of the year. Bitcoin Cash (BCH) is right behind Bitcoin in the fourth place, while EOS is edging out Ethereum in a neck-and-neck race for the fifth and sixth position. Cardano (ADA) is at the seventh spot, followed by Tron (TRX) in the eight place. Ninth place is reserved for Ripple (XRP) which is held down by the company behind the protocol that sold of an abundance of tokens throughout the year. Most of the alts won't reach all time high if the altcoin-to-Bitcoin ratio remains the same, according to analysts. The altcoin apocalypse shows just how poorly these assets have performed this year in correlation to BTC.
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