Mike Novogratz

Binance Notes Dusting Attack on Litecoin

Binance, often regarded as the largest cryptocurrency exchange in the market, has recently taken to Twitter to claim that there has been a dusting attack against Litecoin, one of the top ten cryptocurrencies in the market, and the fourth-largest altcoin. This was allegedly one of the most large scale attacks again the privacy of a crypto system and this report has made crypto enthusiasts sit up and take notice.

The official Twitter account of the Binance cryptocurrency exchange recently claimed that a significantly large attack had taken place against those who routinely use Litecoin just a day back. The tweet was posted by the company on the 9th of August 2019. When the tweet was posted, it mentioned that the said attack had taken place about five hours before they took to the social media platform. The tweet said that “a large-scale dusting attack” had occurred against Litecoin users.

The tweet then went on to provide a link to a transaction. According to Binance, this transaction was a part of the said attack, involving the sending out of a fraction of a Litecoin (0.00000546 LTC) to fifty crypto wallet addresses. The exchange also went on to provide a link to help us understand what a dusting attack really entails. According to the link, a dusting attack may be defined in the following way:

“A dusting attack refers to a relatively new kind of malicious activity where hackers and scammers try and break the privacy of Bitcoin and cryptocurrency users by sending tiny amounts of coins to their personal wallets.”

Apparently, these attacks are actually a way to get access to data connected to the attacked wallets. Later, the data gleaned may be analysed to figure out the identity of those associated with the use of such wallets.

Crypto scams and privacy attacks seem to be on the rise and all of us crypto enthusiasts must now be extra careful when it comes to using our wallets.