The portfolios in litecoins would be affected by a new type of cyber attack called "dusting". Although this has not affected LTC markets, crypto traders and holders should be informed. The Binance Academy has now made a statement.
Litecoin is used?
In the last few hours, crypto-twitter reports on a new cyber-attack on Litecoin users have accumulated. Binance Academy tweeted a warning that led to a detailed explanation.
About 5 hours ago, there was a big dust attack on @ Litecoin users.
One of the many transactions: https://t.co/zgk9gPRNcU
Here's what you need to know and how to protect yourself: https: //t.co/KNVoQLwBUb
– Binance (@binance) August 10, 2019
In short, a fraudulent attack occurs when fraudsters attempt to violate the confidentiality of a cryptocurrency, in this case Litecoin, by sending small amounts into private portfolios. The attackers then try to track the transactional activity of these portfolios to determine the identity of the person to whom they belong.
The term "dedusting" refers to tiny fractions of crypto-parts that most users do not know anyway. A few hundred satoshis can be called "dust" because their quantity is so low that most people would not even notice it. "Dust" is also widely used in cryptographic exchanges because the remaining transactions remain in portfolios and can no longer be used or transferred.
In the case of BTC and LTC, dust is defined as any transaction expense lower than the cost of this transaction. A dust limit can then be calculated based on the size of the inputs and outputs, for Bitcoin usually a few hundred Satoshis. Transactions less than or equal to the dust limit are rejected by validating the nodes as spam.
By sending a little dust to several crypto-portfolios, fraudsters can monitor transactions to reveal possible connections between them. The ultimate goal is to identify the companies or owners of these portfolios and carry out additional fraud, such as phishing attacks.
Bitcoin was generally the target of choice, but today, Litecoin users seem to be under siege. Some portfolio providers offer security measures such as Do not spend options on very small parts of crypto-coins. If the dust is not moved, the attack is foiled.
Long Term Care Markets
Prices and long term care markets are not affected by this type of attack. It does not target the network under any circumstances and relies heavily on social engineering to succeed.
Proof of text: bitcoinist