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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