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LINKS FOR ADDITIONAL READING FOR THIS VIDEO & ALL INFO IN TEXT DOWN BELOW
What is Dust?: https://www.binance.vision/security/what-is-a-multisig-wallet
What is a Dusting Attack: https://www.binance.vision/security/what-is-a-multisig-wallet
Samourai Wallet: https://samouraiwallet.com/
If you’ve ever opened your Bitcoin wallet or other cryptocurrency wallet and noticed that someone had sent you a minuscule amount of coins, chances are those coins weren’t sent from someone who wanted to do his good deed for the day. Chances are you were sent those coins from someone who wants to get your personal information.
These are called Dusting attacks. They’re relatively new and this time you’re the target. it’s success depends on your actions.
Before I get into it I want to remind you that you can protect yourself from these types of attacks by following some basic practices when it comes to making transactions with your Bitcoin or other cryptocurrencies. I’ll go over these practices at the end of this video so don’t miss it.
Here’s how it works:
You open your Bitcoin wallet, notice you’ve unexpectedly received a small amount of BTC from someone but you don’t worry about it, in fact you might think that’s kind of cool, free BTC right? Here’s why you should think again. If those satoshi’s were sent to you in a dusting attack what you do with those satoshi’s next will determine if the attack will bear any fruit for whoever sent the dust to your wallet.
People send tiny amounts of Bitcoin or other cryptocurrencies (called dust) to random wallets and then track where those coins go. Eventually they might be able to pick up on trends that end up unearthing your personal information like your identity, especially if you send this dust to a centralized exchange that stores your sensitive information. With your personal information on hand, this makes you an easy target for personalized phishing attacks, and of course extortion and blackmail.
Not to worry though! Like I mentioned at the beginning of this video, there are two very simple ways to prevent this from affecting you.
This first suggestion is something you ought to be doing every time you use your cryptocurrency wallet as it helps to solidify and protect the anonymity of your wallet and that is to generate a new public address each time you make a transaction.
Lastly, choose a bitcoin wallet that works to help warn you of small deposits made into your wallet that could be a sign of a dusting attack. A great option for this is the Samourai wallet for Bitcoin. The developers of this wallet have supplied you with tools that allow for warnings of these small transactions and to also lock these specific coins away so that you are sure you won’t send them out and therefore further contribute to the dusting attack.