Litecoin wallets are reported to be affected by a new type of cyberattack called "dusting." While this has not affected the LTC markets, crypto traders and keepers should know about it. The Binance Academy has now made a statement.
Litecoin is being used?
In the last few hours, crypto-twitter reports of a new cyber-attack on Litecoin users piled up. Binance Academy tweeted a warning that led to a detailed explanation.
One of many transactions: https://chainz.cryptoid.info/ltc/tx.dws?36359475.htm ...
Here's what you need to know and how to protect yourself: https: //www.binance.vision/security/what-is-a-dusting-attack ...
What is a Dusting Attack? | Binance Academy
Have you received a small amount of unsolicited cryptocurrency into your wallet? You may be a victim of a dusting attack. Learn about dusting attacks.
05:47 - 10 Aug. 2019
262 users talk about it
In short, a fraud attack is when scammers try to break the privacy of a cryptocurrency, in this case Litecoin, by sending tiny amounts of it to private wallets. The attackers then attempt to track the transactional activity of these wallets to determine the identity of the person they belong to.
The term "dusting" refers to the tiny fractions of crypto-coins that most users ignore anyway. A few hundred satoshis can be called "dust" because the amount is so small that most people would not even notice it. "Dust" is also widely used on crypto exchanges, as the remnants of transactions remain in wallets and can no longer be used or transferred.
In the cases of BTC and LTC, Dust is defined as any transaction expense lower than the fees for that transaction. A Dust limit can then be calculated according to the size of the inputs and outputs, for Bitcoin usually a few hundred Satoshis. Transactions smaller than or equal to the Dust limit are rejected by validating nodes as spam.
By sending a bit of dust to several crypto-wallets, scammers can monitor the transactions to reveal possible connections between them. The ultimate goal is to identify the companies or owners of these wallets and carry out further fraud such as phishing attacks.
Bitcoin was usually the target of choice, but today Litecoin users seem to be under siege. Some wallet providers offer security measures such as Do not spend options on tiny parts of crypto-coins. If the Dust is not moved, the attack is thwarted.
LTC markets immovable
LTC prices and markets are not affected by this type of attack. It does not target the network in any way and relies heavily on social engineering to succeed.
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