Coinone added Litecoin support

The second largest currency exchange in South Korea has announced support for Litecoin
30 October 2017   3715

The second largest currency exchange in South Korea, Coinone, has announced support for Litecoin.

As reported on the official website, LTC/KRW trading started on Monday, October 30, at 14:00 local time (04:00 GMT). At the same time, the possibility of making deposits and withdrawing funds was activated.

Coinone ranks 7th in the global rating of crypto-exchange exchanges, outperforming such recognized industry players as GDAX, Kraken and Bitstamp.

In addition to Litecoin, BCH, BTC, ETC, ETH, QTUM and XRP are also traded on the exchange.

 

Dusting Attacks to be a Thread to Litecoin

Allows to indentify the wallet owner by sending the tiny amount of LTC he won't be able to send without additing to another transaction
16 December 2019   511

The Litecoin cryptocurrency network does not have built-in anonymity features. Thus, it becomes vulnerable to a Dusting attack when hackers and fraudsters try to violate the privacy of cryptocurrency user data by sending tiny amounts to users ’personal wallets.

On average, a network usually has about 40,000 active addresses per day, however, according to BitInfoCharts, every 7 days this value reaches 70,000, and then drops sharply. This led to the formation of a sawtooth graph, which is clearly visible even with a cursory glance.

Franklyn Richards

Litecoin Haus CEO and Litecoin Foundation Director

According to Richards, it started on August 20, 2019. Since then, every week there has been a sharp jump and the same sharp drop, and this happens for four months. Last time, a major dust attack took place on August 10, 2019. He also noted that if the Litecoin network does not introduce a method of automatically managing and moving its assets, then the scale of the problem will be comparable to the August 10 attack.

The total number of transactions during the same time did not show any spikes, and the average transaction cost does not show signs of correlation.

Richards noted that if this is really a dust attack, then miners should introduce a new set of rules to reduce the spread of “dust”. In addition, nodes that are not related to mining can “economically put pressure on miners” to quickly introduce these rules.

“Dust” - so few coins or tokens that sometimes users don’t notice a change in their balance - hence the name of the attack. Since the amounts are very small, they cannot be spent without using other user coins. Further transfers and allows an attacker or sender of "dust" to track and deanonymize the victim (wallet owner).

Franklyn Richards

Litecoin

However, developers are working to make the network more secure by using confidential transactions and accelerating the integration of Litecoin with MimbleWimble, which will help protect user data from intruders.