ARE YOU A CRYPTO USER? YOU MIGHT BE A VICTIM OF A DUSTING ATTACK!
When I started trading cryptocurrencies newly, I’d always notice remnants of tokens in my exchange wallet. These fractions are usually too small to trade and you can’t withdraw them as well because they fall below limits required to execute such transactions. These tiny fractions are known as crypto dust!
Crypto dust are not harmful unless you’re not the one who accumulated them – which in this case is known as a dusting attack and can be dangerous to crypto users.
Being too tiny and untradeable, crypto dust lie useless in most exchanges. The sad thing is that it can accumulate to a decent sum if you put it all together.
Is there anything I can do with crypto dust? Let’s find out below
Remember that we referred to dust as a fraction of a token that cannot be traded or withdrawn. Most exchanges have nothing to offer regarding this. However, Binance, one of the best cryptocurrency exchanges out there offers a solution with its “Convert to BNB” feature. With this feature, all crypto dust can easily be converted to BNB with a single button click.
Earlier above I mentioned something about a dusting attack which is a malicious attempt to uncover user identity. These scammers do this by sending tiny fractions of the coin or token to your wallet. If you subsequently make use of that address for a transaction, this makes it possible for them to track funds flow as well as potentially uncover the real identity of the wallet owner. Of course, this is only possible with public blockchains like Bitcoin.
It’s necessary to pay attention to tiny remnants of coins or tokens that show up in your wallet, even if you don’t frequently make use of them.
Don’t forget to stay safe in this period and practice all safety measures to prevent the spread of coronavirus.