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Litecoin Users Affected By Dusting Attack – How To Avoid It?

Security

usethebitcoin.com 10 August 2019 18:42, UTC
  
Reading time: ~3 m

According to a recent tweet released by the cryptocurrency exchange Binance, there are several Litecoin (LTC) users that have been affected by a dust attack. Although this is not a threat to users, it shows that there are malicious parties trying to get information about large Litecoin holders. 

Dusting Attack Conducted On Litecoin Users

There has been a dusting attack that affected Litecoin users around the world. According to Binance, earlier today, there was a large-scale attack on users. The exchange shared information about one of the transactions that took place and that affected the Litecoin community. 

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

One of 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

Dusting attacks are created by scammers in order to gather information about a specific cryptocurrency. In this case, fraudsters wanted to understand who are the owners of large amounts of LTC. In order to do so, attackers send small amounts of LTC to wallets in the network to trace the transactional activity of these wallets. 

As the attacker is able to understand how the funds move among wallets, it is possible for them to gather information about the holders and start targetted phishing campaigns against them. 

There have been several dusting attacks in the past that are generally not harmful to the entire crypto community. Crypto users should be extremely careful dealing with their digital assets, store them in cold storage wallets and delete any spam or suspicious email that they receive.

Thus, if you received a small transaction of LTC to your wallet, be careful the next weeks to avoid being targeted by a phishing campaign. Scammers are able to monitor the transactions of the wallets they sent the dust to. This allows them to receive information about high-rank employees that handle crypto wallets or that have large amounts of funds. 

I just received a tiny Litecoin deposit, which is the so called dust. Thanks for that. Dust attack is generally not a threat. No need to panick. https://t.co/pTT25ktm60

— Xinxi Wang (@TheRealXinxi) August 10, 2019

At the same time, there are some wallet providers that offer users the possibility not to spend small amounts of digital assets. In this way, users are able to avoid being targeted by attackers. 

Litecoin is one of the oldest and most popular digital currencies in the market. After being an established virtual currency, there are also large holders of this cryptocurrency that are waiting for the price of the asset to grow in the future. 

At the time of writing this article, Litecoin is the 5th largest digital asset with a market capitalization of $5.25 billion. In the last 24 hours, the virtual currency fell 3.06% and it has a price per coin of $83.3. 

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