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Binance's Tips on How to Avoid Dusting Attack After Litecoin Case

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Sun, 08/11/2019 - 10:59
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  • After a dusting attack on Litecoin users, the crypto exchange Binance gave some tips on how to protect your wallet.

Cover image via U.Today

The fourth-largest altcoin, Litecoin, has undergone a new type of malicious action called a dusting attack, cryptocurrency exchange Binance reported on its Twitter account.

A link to one of the transactions involved in the dusting attack is attached to the tweet. It was sending a Litecoin portion (0.00000546 LTC) to 50 addresses. Following is a link to an explanation of the new type of threat:

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

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What’s the result?

The essence is that after the attacks, fraudsters gain access to monitoring the activity of addresses they’ve sent coins to, thus trying to determine to whom the wallet belongs. This threat can have a huge effect on the entire crypto industry.

About the author

Starting with a simple interest in cryptocurrency, over the past two years, Denis has worked in a cryptocurrency fund and become an author with an analytical bias. His engineering degree helps with the analysis of the technical part of the cryptocurrency market. As a fan of cryptocurrency, Denis believes that the blockchain technology is the future, can be contacted at denis.sinyavskiy@u.today.

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