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Litecoin: a record of transactions on the blockchain

During the last days, transactions made on blockchain di Litecoin (LTC) went from 20 per day to a record 67,142 transactions in one day.

The Litecoin blockchain is public, which is why it is easier to identify the causes that led to a record of transactions and to an increase of 60% of these within its blockchain.

Compared to the last days of October, the 2 November transactions have tripled since a few days earlier. According to an analysis of the blocks, 1729590 and 1729630 are affected by a greater number of transactions. In fact, an address that has moved 0,3 Litecoin in 45 thousand addresses, for a move to wallet equal to 0,00000410 Litcoin.

These movements, usually they suggest a dust attack, that is, to an attack carried out with a technique that involves sending very small quantities of cryptocurrency to a large number of different addresses, which can then be traced as soon as they are used by the victim of the attack.

So, if a user receives a wallet on his address, a cryptocurrency fraction by a sender who does not know, and then uses it to pay for a service or an asset, the one who carried out the attack is able to come to knowledge of the sending destination address. In this way he can then set up an attack in order to attract the victim, and know all his personal information and his movements.

In the case of Litecoin however, it is possible to see from his public blockchain, that all the addresses to which the cryptocurrencies were sent have been specially created, and they are of the LTC1 type, therefore prepared for the use of Segwit and at the same time very performing as regards information storage.

Therefore, we can exclude an attack, but we think more of a financial maneuver that on November 2 has consequently led to a peak not only of Litecoin, but also of using Segwit on Litecoin, which has been around 24% for 87 hours compared to 70% around which it traditionally wanders.

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Silvia Faenza

Graduated in Political Science and International Relations at the University of Salento, in the 2014. From 2015 he is in charge of content management for online companies and publishing agencies, mainly as a ghostwriter, copywriter and web editor.
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