Crypto World At Your Finger Tips! www.cryptoknowmics.com Theory Of Dusting Attack; How It Can Affect Bitcoin? www.cryptoknowmics.com To measure the success of Bitcoin, one can rely on to know about Bitcoin millionaire stories which also includes Akshay Haldipur, an Indian Bitcoin millionaire, who will share the experience of becoming richer by investing in Bitcoin. This dominating cryptocurrency was developed on 3rd January 2009 by Satoshi Nakamoto. 2 www.cryptoknowmics.com 3 ● Even though there are some doubts regarding its real founder, but most of us are familiar with this name only. So let’s not indulge in digging research to find its real founder. ● Now since Bitcoin is a digital technology, so it does carry a risk of becoming vulnerable to hackers and scammers, who with their clever tactics cheat crypto users by cracking the privacy and send little coins to their personal wallets. This practice is known as dusting attack. www.cryptoknowmics.com Meaning Of Dust In Cryptocurrency 4 ● Before hopping on to our main subject on dusting attack, let us have a brief understanding of the dust in the context of cryptocurrency. In terms of cryptocurrencies, the word dust signifies a very small amount of tokens or coins. This amount is so tiny that it does not come under the notice of users. Let us take Bitcoin as an example to explain clearly. ● Suppose if the little unit of this currency is 1 satoshi, then it indicates dust, which means the number of satoshis. Another meaning which defines dust is the little amounts of coins that get stuck on accounts of users when the implementation of trading orders is done. Even though dust balances cannot be traded, still, converting them to BNB is done possibly by the Binance users. www.cryptoknowmics.com 4 ● In the case of Bitcoin, dust cannot be officially defined, as the execution of every software might seem to have a contrasting approach. Dust in terms of Bitcoin Core can be explained as an output of a transaction, which is lesser in comparison to that transaction fees. ● This is called dust limit. If you go by technicality, then the calculation of the dust limit is based on inputs and outputs size. They generally determine 546 satoshis for constant transactions of Bitcoin, and 294 satoshis for related transactions of SegWit. ● This makes us understand about the daily transaction, whether equivalent or much little than the 546 satoshis will fall under spam and is certainly not going to be accepted by authenticated nodes. www.cryptoknowmics.com 4 Dusting Attack On Bitcoin ● The reason for the occurrence of dusting attack is when users don’t pay much heed to smaller quantity appearing in the wallets. This brings opportunity for the scammers to take undue advantage by dusting majority of addresses and sending some satoshis to their wallets. After this task, the next step they use as a dusting attack is to include a number of analysis of many addresses to point out the ones belonging to a similar wallet. ● The main objective of these scammers is to cleverly attach the wallets and addresses that are being dusted to their own firms. And if they are lucky enough to track down the knowledge, then it gives them the power to pit against their prey through attacks by cyber or by phishing. www.cryptoknowmics.com 4 ● Initially, Bitcoin became the first target of dusting attack. But now this threat is also affecting other cryptocurrencies that are operating top on the blockchain which can be traced. It all happened in the year 2018 when there was an announcement by the developers of the Samourai Wallet of Bitcoin, about the threat of dusting attack on their users. The developers even warned them about this possible attack, and how they must defend themselves from it. The team of Samourai Wallet even initiated an alert reading ‘’Do Not Spend’’. It was regarding help for the users to know about funds that seem to be misleading. ● Bitcoin is no matter a cryptocurrency that made many people including the highest bitcoin holder in India and others from different countries. But since it is a digital currency, then it needs to be protected from security threats like hacking and spams. www.cryptoknowmics.com 15 Conclusion So this was all about dusting attack. Though it is not so easy to hack or disrupt Bitcoin blockchain, wallets often fall under the risk of such threats, which becomes a concerning matter. While creating an account, personal information is not being shared by the users. In that case, it becomes difficult for users to prove any theft committed by hackers by accessing their coins for personal gains. Sources https://www.cryptoknowmics.com/news/list-of-famous-bitcoininvestors www.cryptoknowmics.com 16 Crypto news and articles Exchange & wallet listing Market & price analysis Crypto discussion forum ICO listing and rating Crypto jobs marketplace Features Tokens and coin listing Airdrop and event listing DApp listing & review Crypto gaming platform ICO Launchpad Blockchain tutorials and courses www.cryptoknowmics.com 17 For any further queries or clarifications please contact at - listing@cryptoknowmics.com - info@cryptoknowmics.com - www.cryptoknowmics.com - www.cryptoknowmics.io www.cryptoknowmics.com
