Cryptocurrencies: 2788 / Markets: 19401 Market Cap: 24h Vol:
3 weeks ago

Litecoin Transactions Spike, Breaking Yearly Highs.


On the 19th of September 2019 The Litecoin network experienced another spike in transactions being sent, on september 19th 2019 being  48,582 now breaking the prior yearly high on June 22 of 47,962, according to data made available  by bitinfocharts,  

Though It’s  yet to ascertain what probably could be the  underlying cause behind the unusual spike could be but then, based on other public data, it does not appear to be another dust attack sent to users. In the few days prior  there has been an increase actually on the usage that seem on initial glance to be fully legitimate.
Suspicious Error! Filename not specified.

 It looks like there have been a few suspect transactions seen using a blockchain filters.  In blocks 1704981, 1704984, 1705040, 1705035 and 1705021 to name but a few, as each contain transactions involving one input and 100s of outputs. Since they are not consistent and each output value is very high at >0.01 LTC, these don't look like dust attack transactions.  

The issue now is ,  its hard to get a better picture of what is going on as without further tools , it will be hard to fully map and connect these addresses. At one point it appears to connect to an exchange / service wallet that has been used multiple times during 2017–19. It's  quite unusual anyway. 

Secondly, there is also a connection to this wallet: (M893qmrU3PSwTrDVU7Cn3K4zxUWPKBmZkr) which appears to be constantly spamming the network with hundreds of transactions a day. 

Records has it that from April of 2019 this wallet has  already executed over 167,820 transactions to date and  the addresses involved appear to be controlled by the same owner constantly separating and consolidating funds and  this does not follow typical behaviour regarding legitimate  transaction. 

From observations, new addresses  are being generated and filled them all with pennies. This is supported by another spike in the ‘sent from’ addresses correlating on the same day.

However, the daily value being sent has remained constant at around ~$350m daily, an indication  that this has recently picked up pace enough to be noticed as such this unusual situation can not be taken as huge growth yet in the Litecoin network.

Credits: Litecoin.Com

Florence Anusionwu

Get Crypto Newsletter