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Litecoin News

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

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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. 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.

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Litecoin News

LTC Founder Charlie Lee Responds To Protocol Vulnerability

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The MimbleWimble (Harry Potter inspired) protocol which Litecoin is integrating in order to become a privacy coin is in the spotlight of the LTC news today. The LTC founder Charlie Lee has recently announced that the protocol's development is going well.However, it seems that not everyone is on board with him. Ivan Bogatyy, who is a venture capitalist with Dragonfly Capital, recently published a report in which he drew attention to a security flaw in MimbleWimble's privacy model. As Bogatyy noted, “attack traces 96% of all sender and recipient addresses in real time.”If you are reading our cryptocurrency news, you know that privacy is a complicated issue for tokens. This is why the LTC founder Charlie Lee decided to respond to the claims made by Bogatyy.For what we know, the timing of these accusations could not be worse. MimbleWimble is working in full steam and the founder did not expect claims like these. However, Charlie Lee is a true professional - and he seems to offer a working solution. The LTC founder replied to Bogatyy on Twitter and said:
"This limitation of MimbleWimble protocol is well known. MW is basically Confidential Transactions with scaling benefits and slight unlinkability. To get much better privacy, you can still use CoinJoin before broadcasting and CJ works really well with MW due to CT and aggregation."
https://twitter.com/SatoshiLite/status/1196504546479968256Meanwhile, MimbleWimble is seen as one of the most exciting things that has happened to Litecoin (LTC) in a long time. Ever since the LTC founder Charlie Lee announced the shift in focus to privacy, it turned the attention away from him and the fact that he divested his LTC holdings.In the other news, we can see that Litecoin recently tapped the Grin++ developer David Burkett who will help and "add MimbleWimble support to the Litecoin network." In doing so, users will be able to opt-in to confidential transactions in which the value of such transactions would be difficult to trace.Other members and profiles on Twitter pointed out that "anonymity was never an inherent feature," that this is "an excellent attack on the MimbleWimble protocol" and other things. As a result, the Litecoin price has tumbled by nearly 6% in the last 24 hours.
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Bitcoin News

Wright Claimed That BTC, LTC Should Have Been ‘’Killed’’ By Now

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The Self-proclaimed creator of Bitcoin (BTC), Craig Wright claimed this time in 2018 that Bitcoin and Litecoin will be damaged and he will basically kill them with the information he has, and this statement definitely stands out as one of his biggest claims. In today’s altcoin news we remind ourselves what he actually stated.In November of 2018, Craig announced in an enigmatic way that he is in possession of information which will damage both Bitcoin and Litecoin practically “killing” them. This assertion is part of Wright’s claim that what is now traded under the ticker of Bitcoin is not the real Bitcoin as imagined by Satoshi Nakamoto.Wright is also prepared to destroy Bitcoin by himself, for this reason, but this deed is scheduled for 2020. It seems that the latest claim has come and went away without fulfillment, with two days left before the judgment day. Wright claimed that with the sway of the bear market, Bitcoin and Litecoin will be dead coins but this claim has not yet materialized.Craig Wright has disappeared from Twitter after a scandal. Been under furious criticism from the crypto community, he threatened some of CT personalities with court action, like Hodlonaut and Peter McCormack. The lawsuit against the estate of Dave Kleiman is not developing well for Wright. Wright failed to prove that he owns any private keys potentially belonging to Satoshi Nakamoto. Wright is also not capable of repaying Kleiman for their common ownership of BTC form earlier mining.As for the question of destroying the coins, Bitcoin is now flouting around $8,800 and LTC has recovered to $61.17, is relatively stable for now. From backing Bitcoin Cash (BCH) Craig Wright has changed his position to hostility with that project and refocusing his energy to Bitcoin SV (BSV).It is hard to believe that in 2020 Bitcoin SV(BSV) will displace Bitcoin (BTC) not to talk about taking over its markets, besides the robust community of BSV. For now, Bitcoin SV (BSV) goes around $128.28. Bitcoin SV (BSV) is planning to go ahead with increasing the block sizes to 2 gigabits, Bitcoinist reported earlier in 2019, beside still the fears that most miners will be priced out from the markets remain.
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Litecoin News

Litecoin Gains 2% On The Day, Analyst Outlook Is Bright

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The crypto news today show that Bitcoin has been facing some turbulent price action lately and confirmed its bearish momentum today with a drop to $8,800 which is the major psychological level now. However, what's impressive in a session like this one is the fact that the Litecoin gains are now at 2% and the altcoin is having a good day.As we can see, the volatility for LTC has been positive and the altcoin is up trading from its monthly lows. Analysts are also predicting significantly further upside for Litcoin in the near-term - and there is one prominent crypto analyst who noted that LTC could surge as much as 80% against its BTC trading pair in the next weeks and months.While Litecoin gains 2%, the new position is now at above $61 which marks a slight climb from the daily lows of $59. LTC is in a good position and the Litecoin news show that when looking at the one-month performance, the recent volatility shows that it has been favoring the crypto bulls as it is currently trading up significantly from the 30-day lows of under $50 that were set in late October.The recent rise and the recent Litecoin gains also prove that the coin is largely influenced by Bitcoin and its massive surge which came about in late October - right after the Chinese President offered some bullish remarks on blockchain technology.One of the analysts standing behind LTC and its rise named Mitoshi Kaku, explained that he believes LTC may be entering a pivoting point that leads to a climb in the near-term which means that the ongoing surge may be up for a start.
“$LTC Leaving ‘pivot week’ behind. I think I might hold onto this one for a little bit,” Kaku said when commenting on the Litecoin gains.
https://twitter.com/CryptoSays/status/1192918916563161088As we can see, there are many other analysts commenting the recent performance of Litecoin (LTC). Galaxy is another one, who recently echoed the bullish statement by Kaku and said:
“New fav: $LTC. The day when everybody starts to love it again might be sooner than we think.”
https://twitter.com/galaxyBTC/status/1193197508052344832All in all, the Litecoin gains prove that LTC is a serious contender for the best altcoin right now - and in the future the coin may see a lot of upside in spite of the Bitcoin bearish trading session.
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Binance News

Litecoin/BNB Coin Pair Are Is Now Available On The Binance DEX

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Litecoin/BNB coin pair is now available on the Binance DEX including the latest asset called LTC-F07 and more than 18,500 tokens have been released for trading as we are reading further in the litecoin news today.In the latest listing proposal, the binance CEO Changpeng Zhao explained the potential of the Litecoin/BNB Coin pair trading on the Binance DEX:
"LTC is decentralized money, free from censorship and open to all. The Litecoin blockchain is the largest global scrypt based network, operating with 100% uptime since 2011 securing billions of dollars of value"
Chanpeng Zhao also noted that the contribution that Litecoin has to offer to the future blockchain progress, especially the Lightning Network and Atomic Swaps. As a new asset, the LTC-F07 is mintable and the total supply will increase with market demand so all of the tokens issued will be backed 1:1 by a native LTC in which the accuracy of the connection will be monitored by an initial verified Litecoin address. The Binance DEX is a side-project of Binance which is currently the largest crypto exchange in the world.The DEX operates on the native Binance Chain and supports non-custodial peer-to-peer trading of more than 130 assets. Some of the major cryptocurrencies include Bitcoin Cash and Bitcoin as well as other numerous stablecoins which have their ‘mirrors’ on the Binance Chain with actual tokens of the native Binance BEP2 standard. As we reported previously in our Binance news, the decentralized exchange (DEX) is apparently blocking access to users based in 29 countries. The Binance DEX informs potential users of the restriction through a message which appears when someone is accessing the platform from any of the specified regions.Aside from this, the pop-up which Binance DEX has designed warns about the trading and accessing the wallet interface through the website – and how it will be blocked for users with IP addresses from the aforementioned countries. A lot of people in the crypto community are bashing Binance and have characterized the finding as an indication that the DEX is in fact not actually decentralized. One Twitter user who is well known among crypto enthusiasts named Whale Panda commented:“Reminder that it was never a DEX so stop calling it a DEX. It’s just a word they used to pump $BNB, it was never meant to be decentralized.”
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