Large Scale Dusting Attack On Litecoin (LTC) Users: Binance

A large scale dusting attack has been suffered by Litecoin users, reported Binance on August 10.

A dusting attack is a new kind of malicious activity where scammers and hackers try and break the privacy of the cryptocurrency users by sending tiny amounts of coins to their personal wallets.

Attackers track down the transaction activity of these wallets by performing a combined analysis of several addresses to identify the individual or the company behind each wallet.

One of many transactions affected shared by Binance is,

Dust is a tiny amount of coins or tokens — so small that most users don’t even notice, such as 1 satoshi (0.00000001 BTC) in the case of Bitcoin.

Binance explains that within crypto exchanges dust is also the tiny amounts of coins that “get stuck” on users’ account after trading orders are executed. These really small amounts of coins are not tradeable but Binance users can convert them to BNB.

As crypto users do not pay much attention to these tiny amounts, scammers began “dusting” a large number of addresses by sending a few satoshis to them. After dusting multiple addresses, scammers analyze various addresses to identify which belong to the same wallet.

First it started with Bitcoin, these attacks are now also happening with other cryptocurrencies.

As a closing thought, Binance said while Bitcoin blockchain is nearly impossible to hack, the wallets “present a significant point of concern.”

“When a user holds their cryptocurrencies in a personal wallet, they are acting as their own bank, which means there is nothing they can do in case they get hacked or lose their private keys.”

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