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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.
Best way to prevent this is to use the banking system instead because your funds are insured. That's unless your in the minority that believes the banking system will collapse and the world will start using crypto instead of fiat but anyone who believes that governments will ever allow that is just plain crazy. If you really believe the current system will collapse wich I actually do then the smart money will do what the central banks have been doing and start hoarding gold and silver
Coinbase is doing this now.
This stuff is really getting comical to watch. For the life of me I just don’t get how sooooo many people can be lured into this crypto currency crap????? Get a fukin clue people! All you’ve done is watch your money disappear and then you still dump more cash into this money pit of an investment. What the fuk ever! And when the shit really hits the fan, don’t come knocking at my door looking for food, water, and shelter cause you’ll end up looking down the barrel of my 50 cal. (If you get that far). Anyway, buy, buy, buy, and then buy some more! Good investing!
This is really useful information Heidi. Its does make me think however we are a ways away from making using Crypto mainstream to a non-techie if one has to keep up with these issues. I think that day is coming, but I suspect the wallet designers are going to have to take on the security officer role and back that up with guarantee of some sort so the average person can just go about their day and not worry about being aware of the latest type of attack. After reading Bruce Schneier's article, he makes some good points, but seems to ignore than the tech will evolve and improve over time, that new governance structures could be created by real humans from the Crypto community to self-regulate quality and reliability of things like smart contracts, and offer other assurances that are somehow backed up in some way.
If we received the dusting coins can we sell the dusting coins in the exchange for some other alt coins? This way they won’t get access to our private key right? That would prevent dusting attack?
Additionally use a VPN when sending coins from your wallet
Good to know. Thanks Heidi
Good info as usual. Thanks⭐️
Thanks for this video! I had no idea…
Thanks a lot for letting us know bout this type of attack and the samorai wallet .. Really helpful . thank you for the video
Whoa. Super helpful info! Thank you Heidi!
Great video!!!!!!!!!!!!!!!!!!!!!!
Great info! Thanks Heidi.
Oh dear… I was on my Exodus wallet and someone had sent me 2 Revain.. a coin I don't care about worth around 30 cents and I sent it to Kucoin to dump… sofar my account is good but I'll keep an eye on it, most of my crypto currencies are on my Ledger anyways but I hold a little bit ok Kucoin… better send that little bit to my MEW
??????
Good looking out! Salute
Meh.
Excellent video! Thank you!
Still don't understand …. you get a small amount which add up to the amount in your wallet, I assume from an unkown person who doesn't know your name. After say a month you send a portion or all to an exchange then what ?
And if you exchange that portion into say LTC and you send that back to another wallet will that solve the problem ?
Wow, unfriggenbelievable !… So much risk and so much FUD in this crypto space. Thank you for sharing.
"Thank you!"
we need a reject or send back function
I have gotten a few requests like this before. They were so obvious that something was wrong. Mine were more less just emails I got, claiming there was BTC in them. And that the person was being held by their will in Africa somewhere. and to protect their crypto before someone finds them. Lol Anyways, thanks for sharing. JR
lol!! just finished watching Sand Lot!!
Does iPhone have samourai wallet?