Community Trust ScoreVerified
David Burkett submitted the June Progress to the Litecoin Community: June Progress: Performance improvements (blake3 hash algo, per-block kernel MMR, compact serialization, etc.) Improved test coverage. Chipping away at documentation.
Community Happy about David Burkett: David, I know its hard work you’re doing for Litecoin, but you are making history. And, your name will be written on Litecoin forever.
Incredible work David. The Litecoin community is forever grateful for everything you put into this project over the past 2 years.
When someone was like: Can you Activate grassroot and cross input signature aggregation? David replied: Someone should code them before we can activate them.
David, if we pay you extra can you add some code to send Litecoin to the moon? I’ll take free money, but that feature is already baked in:
While that is the news from the development side, reportedly a mysterious Litecoin Whale moved $4bn+ This move is significant because the entire value has been moved from a single entity on the network. This entity reportedly is the 8th largest address in terms of balance on the network.
Reporters have noted that this Whale has been holding ~Ł522,000 ($72m) has been sporadically making payments from $10 to $100K+ for every 5-10 minutes to new and existing addresses. This appears to be services offered by a hot wallet. If this address is a hot wallet, the fact such a large wallet is being used in this way means that this can be potentially vulnerable to potential attackers.
When trying to compare, Coinbase has several cold storage wallets each of them holding ~Ł300,000 for security reasons to prevent the single point of failure.
This just looks like these transactions have change addresses from and to between wallets and ultimately the remaining balance comes in to the same wallet. So, $4Bn+ has technically moved even though it’s just to the same person. This very clearly points to how most exchanges spread hot wallet balances across several wallets in smaller amounts thus permitting them to blend into the network and to not draw attention to themselves.
Reportedly, Wallet 8 seems to have first come on the network on September 28, 2017, while holding holding ~Ł64,000 before eventually moving it all elsewhere in more than 10 transactions before the market top. This behavior not like a single private entity buying and selling Litecoin as opposed to an exchange.
Whoever is behind Wallet 8, it is very that the management of the wallet and its funds is making it to be distinctly identifiable for largest transactions in the network each day.
