The Litecoin Core team urges users to upgrade the software as soon as possible to prevent ill-doers from exploiting the bug.
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Apparently, it is miners who can take advantage of the vulnerability by sending duplicate inputs. The team reports that this vulnerability may destroy different functions. Since LTC uses a similar protocol to BTC, the vulnerability was spotted on several implementations of the BTC Blockchain too.
The bug will, supposedly, stop the Litecoin network when somebody tries to validate a block with a transaction to make double spending.