A product developer witnesses Litecoin network activity that reminds him of the Aug. 10 dust attack on the network.
Product developer Franklyn Richards has witnessed Litecoin (LTC) network activity that reminds him of the Aug. 10 dust attack on Litecoin.
In a Dec. 14 blog post, Franklyn Richards, a product developer who has worked on Bitcoin (BTC) and Litecoin since 2013, describes a pattern emerging among active Litecoin network addresses.
According to the product developer an unknown entity is taking “large periodic automated actions” on the Litecoin network, resulting in “an almost sawtooth like pattern.” He explains:
“On average the network typically sees around 40,000 active addresses per day, however, according to data from bitinfocharts, every 7 days this value is spiking to over 70,000 before abruptly dropping back down. This has resulted in an almost sawtooth like pattern that’s pretty evident given a cursory glance.”
Related to dust attack on Litecoin in August?
Richards speculates that the current “strange” network behavior, which reportedly started on Aug. 20, appears to be related to the Aug. 10 dust attack that was announced through the official Binance Twitter account at the time.
On Aug. 10, the Litecoin community was up in arms as Binance announced news of a potential dusting attack. The firm explained that around 50 Binance Litecoin addresses received a fractional amount (0.00000546) of Litecoin, which the exchange’s security team identified as a part of large-scale dusting attack.
A dusting attack occurs when hackers send a tiny fraction of a cryptocurrency to a large group of addresses. These small fractions are referred to as dust, as they can be as small as 1 Satoshi, which most users don’t even notice or may think of as harmless. Since the balances are so small, they cannot be spent without being included in a transaction along with the victim’s other funds, which allows the hacker to trace and de-anonymize the victim behind the wallet.
However, Richards concludes his blog by pointing out that without proper “access to more data tools for the Litecoin network, it’s hard to properly analyse the actions behind the behaviour.”
Litecoin celebrated its eighth birthday
Litecoin celebrated its eight birthday on Oct. 13, an event highlighted by its founder Charlie Lee, who famously sold and donated all his LTC holdings back in Dec. 2017. He said at the time:
“Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted. Looking forward to the next 8 years and more!”
The president of Venezuela, Nicolás Maduro wants the nation state-issued cryptocurrency, petro (PTR) to have the same usability properties as a physical currency. On December 13, Maduro explained on national television that the Superintendence of Crypto-Assets and Related Activities (Sunacrip) will be airdropping 0.5 PTR ($30) next week to eligible citizens who register with the Petro App.
Venezuelan President Aggressively Pushes for Petro Adoption
The United Socialist Party leader and Venezuelan president Nicolás Maduro has been marketing the country’s cryptocurrency, the petro (PTR), aggressively recently. In November, Maduro told the public that PTR needs to be just as usable as physical currencies. “The usability is very important, so we can distribute the petro,” Maduro explained at the time. The Venezuelan head of state noted that there are citizens who don’t have a phone, but emphasized that “usability can be done with a card.” Maduro continued by saying that just like the 18 million Venezuelans with the Carnet de la Patria (Homeland card), a card for PTR can be created. The Homeland card is a Venezuelan identity card that leverages a QR code and a digital wallet. Maduro’s announcement further stressed:
We can give debit cards with petro, that is, build a solid monetary system and boost the usability of the Venezuelan cryptocurrency.
The Venezuelan leader went on to say that the state’s electronic payment system will help the country “seek a definitive exit to the economic war.” Maduro remarked that thousands of Venezuelan merchants will be onboarded by next year and the state’s digital currency system is “taking the right steps to consolidate the economy.” The usability news from the president followed his decision to approve a total of 30 million barrels of crude oil and petroleum products to Sunacrip. The 30 million barrels of oil backing the PTR is much smaller than the promised five billion barrels of oil the Venezuelan government initially pledged to leverage.
Venezuelan Pensioners, Government Personnel, and Retirees to Get a Petro Airdrop Next Week
On Friday, regional reports detailed that Maduro told the public on a state television broadcast that Sunacrip would be using the state’s new digital currency payment system the Petro App to airdrop 0.5 PTR ($30) to eligible citizens. Pensioners, government personnel, and retirees can obtain the PTR bonus next week and other citizens can apply for the Petro App to find out if they are a beneficiary. Maduro explained during the television broadcast that the airdrop will be a “test mechanism” in order to drive petro adoption. Additionally, Maduro approved the disbursement of 500 thousand petros and 10 billion bolivars to Venezuelan mayors and governors. The Venezuelan highlighted that the disbursement would be pertinent to cover expenses needed to operate the 335 municipalities in the country.
The airdrop of PTR given to pensioners, retirees, and municipal leaders will be the first of its kind when it comes to a nation state doling out its own cryptocurrency to citizens. The latest announcements show the United Socialist Party, Sunacrip, and other Venezuelan state agencies are pushing the petro hard throughout the country. Moreover, skeptics believe the petro network is only used by bureaucrats and their friends to skip international sanctions initiated by the U.S. Similar to North Korea, Maduro’s quest to exit to the economic war may be fueled by crypto.
What do you think of the details provided on the petro (PTR) airdrop so far? What do you think about Maduro’s quest? Let us know in the comments section below.
Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Image credits: Shutterstock, Petro Logo, Wiki Commons, Fair Use, Sunacrip Notices, and the Petro App home page.
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