If you have been in the Crypto scene for a while or are just getting into it, you will know that its not all sunshine and roses with cryptocurrencies and trading. The main concept behind Crypto wallets is that they are supposed to be secure and impossible to hack into. But if there are people who make advancements in the keeping one’s privacy, then there are also those that make advancements in trying to break down these security measures by hacking. One of the ways these hackers can get access to your wallet is through Dusting Attacks.
Dust refers to a tiny amount of Cryptocurrency in Crypto slang terms. As in the amount is so small that most users do not even notice if its there or not. Just to get it into numbers, 1 Satoshi or 0.000000001 BTC is known as dust amounts in the crypto world. Even though crypto wallets are set up where users do not really have to provide information, every transaction happens on a decentralized network meaning everyone can view it due to the unique characteristics of Blockchain and hackers can use this to their advantage. Small amounts of cryptocurrency or Dust will be sent to multiple accounts to find out any possible patterns on crypto wallets. From this, they can match the user or corporation with the ownership of the wallet after looking at the blockchain. If the amount that was transferred to the wallet is spent or shifted, it is easier to track it down. Once they successfully link the wallet with a name, they can target that individual/corporation through multiple methods such as Phishing and Cyber threats.
It might not look that troublesome since there are so many wallets these days on multiple platforms but there have been victims of dusting attacks in the past. Originally targeting only Bitcoins, it has now expanded to other cryptocurrencies as well. An example of a dusting attack occurred in October 2018 when Bitcoins Samourai Wallet users came under fire from an anonymous source. It also happened in August 2019 when a user came out and publicly told his information in a group. This way, the whole concept of being anonymous disappears.
There are multiple ways to prevent this sort of thing from happening including installing a VPN, getting a trusted antivirus in your devices, encrypting your crypto wallets with the best security, storing your keys safely and the most simplest one of them all would be to not spend any amount from an unknown source. If you are looking for a highly secure wallet to save your Cryptocurrency in which offers high end protection from any security threat, Check out Tyslin Wallet (Promise it’s the only plug so do check it out). So, tell us what you think about this topic. Was this information helpful? Have you ever come under Dusting Attacks or anything suspicious like that? What is the best crypto wallet in your opinion? Let us know your thoughts in the comments below or share your own opinion to get featured on our platform.
Keep your Cryptos close and your information closer.