Litecoin Suffers A Dusting Attack

August 11, 2019 5:02 PM UTC

The whole Litecoin network suffered a ‘Dusting Attack’ which is an attack involving a huge amount transactions sending tiny amounts of coins. The purpose of these attacks is to gain enough information about addresses and identify which ones belong to the same person or wallet.

If the attackers are able to link these addresses to a specific company or individual, they could use the information to continue the attack using phishing attacks or blackmailing.

Users can protect themselves easily if they are aware of these attacks by not moving the dust funds, since attackers need to see the movements in order to make the connections.

Binance announced that a big attack against the Litecoin Network was talking place on August 9.

Cryptocurrencies are decentralized but not always fully anonymous unlike most people think. Litecoin is not really anonymous and there are in fact many companies, governmental agencies and others currently researching and investigating the blockchain in an attempt to de-anonymize blockchain networks.

Cryptocurrency users still need to take precautions and install other security measures like using a VPN, antivirus or encrypting wallets.

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