LONDON, May 10, 2021 (GLOBE NEWSWIRE) — AMLSafe has rolled out a feature for crypto market participants protecting from crypto dust attacks. Now, this is an easy-to-use anti-data theft solution with the option to protect the crypto wallets at AMLSafe from hackers by moving it into the “frozen” status.
AMLSafe presented a solution to the crypto dust problem when the user is faced with a choice of whether he should let the dust settle in his wallet and cause chaos with many tiny portions of crypto assets in it or to consolidate those micro portions together by making a transaction.
The second decision path allows entities conducting blockchain analysis to track the data of crypto holders, such as their IP addresses, particularly, and to deanonymize users. The problem is that even if the user does not consolidate crypto assets, they can be consolidated automatically by a wallet.
How Does AMLSafe Prevent Hacks via the Dust?
AMLSafe has presented a solution to the problem. The crypto holder is able to utilize the AMLSafe feature and freeze his crypto wallets.
As such, the user gets the option to lock his funds regardless how small the amount is and prevent their merge into one transaction. A similar function is represented by some other crypto wallets, namely Samourai and Bitcoin Core, but in both cases it remains difficult to use.
“We are convinced of the importance and relevance of data security questions in blockchain. Unfortunately, this part of blockchain functionality still needs to be improved so the ability to lock crypto wallets has become an important step forward to data safety”, said one of the AMLSafe founders.
Why is the Dusting Attack Problem Important?
Data security remains a topical issue as sensitive personal data breaches from blockchains still affect a significant portion of crypto holders and have a high cost for society. Amongst the latest accidents of data leakage are crypto wallet Maker Ledger users’ data theft and over 120 of other attacks in 2020 that would be worth nearly $3,78 billion as of January 2021, according to the report from Atlas VPN.
Dust attacks were initially performed on the Bitcoin network, as well as on Litecoin, Dogecoin, and others. The risk is active for any cryptocurrency running on a public blockchain.
Crypto dust can be accepted as a spam with a promotional offer, as well as signify the remaining amount of coins or tokens after an order execution on the exchange or a tiny amount of specific coins or tokens in the crypto wallet.
AMLSafe is an anti-money laundering (AML) solution that protects the users from interaction with frauders in terms of accepting illicit funds. This app enables checking crypto wallets for maintaining illicit cryptocurrencies and tokens. Accepting such crypto assets may result in using the crypto wallet user’s services for illegal activities. In that case, regulators and supervisory authorities may mark the wallet as having illicit funds, damage your reputation, or even blame you for complicity in money laundering.
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SOURCE: AMLBot
