Records of transactions for Litecoin (LTC)
Blockchain

Records of transactions for Litecoin (LTC)

By Alfredo de Candia - 19 Nov 2019

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In recent days there has been a record number of transactions on the Litecoin (LTC) blockchain, reaching exactly 67,142 transactions in a single day.

Usually, however, the number of daily transactions is around 20,000.

Since it is a public blockchain, it is easy to retrieve a lot of information in order to find the abnormalities and identify the reasons for the event.

At the beginning of the month, precisely on November 2nd, the volume of transactions almost tripled compared to the day before.

Analysing the blocks – these are the blocks 1729590 and 1729630 – and when looking at the transactions, an address has been identified that has moved just under 0.3 LTC in over 45 thousand addresses, moving about 0.00000410 LTC per wallet.

 Usually, when such a movement is seen, it is due to a type of attack, the dust attack, which is a technique by which a small amount of crypto is sent to different addresses and then these are tracked as soon as they are used by the victim.

For example, if a user were to receive a fraction of a crypto from an unknown sender on their address and use it to pay for a good or a service, the criminal would be able to see the destination address and arrange a full-scale attack to lure the victim, telling them that he knows the information about their movements.

In this case, however, the recipients of the transactions are all newly created and are of the type LTC1, ie addresses designed for the use of SegWit, thus providing high performance for storage of information.

In fact, when cross-checking account creation data with SegWit usage data on Litecoin, there was a peak on that date, November 2nd, which caused SegWit usage to rise to 87%, whereas before this percentage was around 70%.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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