Litecoin is one of the first open-source altcoins based on the original Bitcoin code. It was initially a strong competitor to the first cryptocurrency. However, as the cryptocurrency market expanded, Litecoin’s popularity gradually declined.
In 2024, according to Cyvers, hacks and frauds in the crypto industry resulted in users losing more than $2.3 billion. Some of the biggest crypto attacks of the year include WazirX, Radiant Capital and DMM Bitcoin with losses of hundreds of millions of dollars in each case. This is why smart contract vulnerabilities in the DeFi sphere are increasingly showing the need to implement robust identity detection and verification mechanisms such as KYC.
The cryptocurrency industry has undergone a significant number of transformations since its emergence. Users have witnessed the birth of a huge number of trends: ICOs, NFTs, DeFi, airdrops and, of course, retrodrops.
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