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- 1 Dusting Attacks are on the rise.
- 2 Offenders employ different schemes to exploit projects and cheat users.
- 3 The Nomad Bridge hack resulted in losses worth millions of dollars.
Cyber attacks, blockchain, and crypto attacks are on the rise. But, you will be surprised to know that the Dusting attack is not going to steal your funds. Besides, it is going to collect information related to users causing damage later on. It is a large-scale scheme that works with very little crypto. Hang on with us as we reveal more about Dusting Attack!
Is a Crypto Dusting Attack a Serious Threat?
Of Course it is! Let us understand first what a dusting attack is. When the culprit or offender sends very less amount of crypto to your wallet, so less that it is untraceable, then it is called a Dusting Attack. It is called a “dusting attack” because the amount of crypto used in it for attack is very less which is called ‘dust’ or a tiny amount of crypto left in the wallet.
The motive behind a dusting attack is to uncover the real identity of the wallet holder. And, they continue on doing so until they collect all the information and then breach the user’s privacy by tracking their transactions.
Crypto Dusting Attacks are serious because KYC details are compulsory almost everywhere and the offender can expose the personal data which is stolen. Not only this, they can also track the other wallet addresses linked with the person’s wallet.
With all this information, the offender can plan a major attack on the individual. Given that the information contains all basic information about victims, physical attacks or crimes also become a possibility.
However, what’s worse is that these attacks are almost untraceable. If you are in the habit of checking your wallet daily, then you may be able to identify such an attack. Generally, most of us are not in the habit of paying attention to the flow of crypto in account with strange low amounts as low as 0.000001 BTC. This is almost negligible as it causes no visible change to your wallet.
When there is a problem there is a solution too! The good news is that there are ways we can ensure security. The very first way is to use a hierarchical deterministic (HD) wallet. The benefit of using this wallet is that this wallet generates the new public key for every transaction. Hence, if you transact with your dust amount, then it will be impossible to track back as the transaction shown will be from a new address.
The second solution to be on the safer side is to use a VPN or proxy network on your system. This reduces the chances of tracking anyone’s identity. Also, there are some exchanges that allow you to convert dust in your account to their native currency, such as BNB.
At last, by following some precautions, you can always protect yourself from crypto dusting attacks. These days, there are many dusting attacks and the motive behind these attacks is to reveal the information of the user through stealing their personal data.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
