Among the fears that many people harbor on welcoming and embracing cryptocurrencies is the primarily based upon its integrity. While the conventional and traditional currencies and fiat seem appealing to this end, most of the population seems to have insecurities as to the safety of their investment in cryptocurrency and the crypto industry, should they choose to invest.
As is the case with traditional fiat, cryptocurrency similarly faces challenges in terms of fraudulent activity and even theft. Though these cases are usually investigated with expediency and measures that are watertight put and enforced to avoid such occurrences, loopholes sometimes emerge. The latest of such recently occurred.
Cryptocurrency exchange Binance on August 10, 2019, tweeted via their official Twitter handle concerning the dusting attack against Litecoin, a well-renowned altcoin. Bitcoin is the fourth biggest altcoin and the fifth largest cryptocurrency taking into consideration market capitalization. The tweet also follows with a link to the Litecoin blockchain explorer and server, which according to the Binance Exchange is a part of the dusting attack.
The attack hit hard on almost 50 addresses, and it is speculated that the attackers did send a fraction of light coin.
What is a dusting attack?
What is a dusting attack? Binance has also made a move to enlighten users on the definition of a dusting attack. As per the Binance Academy, 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 wallet.”
“The transactional activity of this wallet is then tracked down by the attackers who perform a combined analysis of several addresses as an attempt to identify the person or the company behind each wallet.”
Reports following research have placed dusting attacks as one of the significant threats that cryptocurrencies and the crypto industry face.