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LTC · 17w

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

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: Here's what you need to know and how to protect yourself: — 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...

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