LTC Founder Charlie Lee Responds To Protocol Vulnerability

The MimbleWimble (Harry Potter inspired) protocol which Litecoin is integrating in order to become a privacy coin is in the spotlight of the LTC news today. The LTC founder Charlie Lee has recently announced that the protocol’s development is going well.

However, it seems that not everyone is on board with him. Ivan Bogatyy, who is a venture capitalist with Dragonfly Capital, recently published a report in which he drew attention to a security flaw in MimbleWimble’s privacy model. As Bogatyy noted, “attack traces 96% of all sender and recipient addresses in real time.”

If you are reading our cryptocurrency news, you know that privacy is a complicated issue for tokens. This is why the LTC founder Charlie Lee decided to respond to the claims made by Bogatyy.

For what we know, the timing of these accusations could not be worse. MimbleWimble is working in full steam and the founder did not expect claims like these. However, Charlie Lee is a true professional – and he seems to offer a working solution. The LTC founder replied to Bogatyy on Twitter and said:

“This limitation of MimbleWimble protocol is well known. MW is basically Confidential Transactions with scaling benefits and slight unlinkability. To get much better privacy, you can still use CoinJoin before broadcasting and CJ works really well with MW due to CT and aggregation.”

This limitation of MimbleWimble protocol is well known. MW is basically Confidential Transactions with scaling benefits and slight unlinkability. To get much better privacy, you can still use CoinJoin before broadcasting and CJ works really well with MW due to CT and aggregation. https://t.co/M5sx92nzlZ

— Charlie Lee [LTC⚡] (@SatoshiLite) November 18, 2019

Meanwhile, MimbleWimble is seen as one of the most exciting things that has happened to Litecoin (LTC) in a long time. Ever since the LTC founder Charlie Lee announced the shift in focus to privacy, it turned the attention away from him and the fact that he divested his LTC holdings.

In the other news, we can see that Litecoin recently tapped the Grin++ developer David Burkett who will help and “add MimbleWimble support to the Litecoin network.” In doing so, users will be able to opt-in to confidential transactions in which the value of such transactions would be difficult to trace.

Other members and profiles on Twitter pointed out that “anonymity was never an inherent feature,” that this is “an excellent attack on the MimbleWimble protocol” and other things. As a result, the Litecoin price has tumbled by nearly 6% in the last 24 hours.