Litecoin (LTC) Wallets Hit By A New Kind Of Cyber-Attack

Litecoin (LTC) wallets are reportedly hit by a new kind of a cyber-attack according to the emerging reports that we are reading more about in today’s altcoin news.

The latest attacks are called dustings. They haven’t affected the LTC markets yet but it is something that the crypto traders should be very aware of.
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There has been a huge activity over the past few days on crypto Twitter as the reports are emerging that a new attack has hit the Litecoin (LTC) wallets. The Binance Academy tweeted an alert with a detailed explanation:

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

Explained shortly, the dusting attack is when scammers try to break the privacy of the cryptocurrency and it this case that means Litecoin. The attack works by sending small amounts of the altcoin to private wallets. Then, the attackers try to trace the transaction activity of the litecoin wallets and try to discover the identity of the person that owns them. The term ‘’ dust’’ refers to the small fraction of crypto coins that the users usually ignore. More than a hundred satoshis may be referred to dust as the amount is so small that the people usually don’t notice it. It is also important to the attacks remain prevalent on crypto exchanges as the small amounts of transactions remain in the wallets cannot be longer used or transferred.

In the cases of Bitcoin and Litecoin, dust is usually defined as any transaction output that is lower than the fees for the transaction itself. A dust limit can be later calculated according to the size of outputs and inputs with usually a few hundred satoshis for bitcoin. The transactions equal to or smaller than the dust limit are usually rejected by validating nodes as spam. By sending little dust to multiple crypto wallets, the scammers can monitor the transactions in an attempt to reveal links between them. The goal is to identify the companies or owners of the wallets and to executive further scams and fraud such as phishing attacks.

As explained in the latest cryptocurrency news, Bitcoin has usually been the target of choice for the scammers but this time they chose the Litecoin wallets instead. Some of the wallet providers offer safeguards such as ‘’ do not spend’’ option on small amounts of crypto coins. If the dust is not moved then the attack is denied. The LTC prices and markets are still not affected by this type of attack and the network is safe as well. The network is safe because it relies on social engineering to be successful.