Stablecoin 'Dust' Attacks on Ethereum Surge 2 to 3 Times After Fusaka Upgrade

Ethereum has experienced a significant rise in stablecoin 'dust' attacks following the Fusaka upgrade in December 2025. According to data from Coin Metrics, these attacks now account for 11% of total Ethereum transactions and affect 26% of active addresses on a daily basis. The increase represents a 2 to 3 times jump from pre-upgrade levels.

The Fusaka upgrade aimed to improve scalability and reduce transaction costs by optimizing on-chain data handling and decreasing gas fees. While this benefited regular users and developers, it also made it cheaper for malicious actors to launch dusting attacks. These attacks involve sending small amounts of stablecoins, such as USDC and USDT, to multiple addresses to deanonymize users or disrupt transaction tracking.

Security researchers have warned about the surge in dusting attacks. Andrey Sergeenkov, a blockchain security expert, reported a 170% increase in new wallet addresses linked to these activities in early January 2026. He attributed this to the low gas fees post-upgrade, which allow attackers to distribute dust economically.

Why Did Stablecoin Dusting Attacks Surge?

Post-Fusaka, the cost of sending a transaction on Ethereum dropped significantly. This made it easier and more affordable for attackers to spam the network with tiny stablecoin deposits. Coin Metrics found that 43% of stablecoin balance updates involved transfers of less than $1, and 38% were under a penny. These amounts are economically insignificant but are used to "seed" wallets for tracking purposes.

The surge in dusting attacks has raised concerns about user privacy and network integrity. Attackers use these small deposits to potentially link multiple addresses to a single user or organization. This can help in deanonymizing wallet activity, which is a major concern in a blockchain environment that otherwise prioritizes transparency.

How Are Analysts Interpreting the Increase?

Many analysts agree that the rise in dusting attacks is a direct consequence of the Fusaka upgrade. Dr. Elena Rodriguez, a cryptocurrency security researcher, noted that when the cost of attacks decreases, malicious activity tends to increase. This follows a pattern seen in previous Ethereum upgrades, such as the London hard fork and the Merge, which also altered attack economics.

The shift to stablecoins in these attacks is also notable. Unlike native tokens, stablecoins offer predictable value and wide acceptance, making them ideal for cross-chain tracking. However, this also adds complexity for regulators, who must differentiate between legitimate transactions and malicious ones.

What Steps Are Users and Platforms Taking to Mitigate the Risk?

To combat the issue, several wallet providers have introduced enhanced dust detection features. Additionally, blockchain analytics firms are developing better filtering algorithms to distinguish between legitimate and suspicious activity. Users are advised to monitor their transaction histories and avoid interacting with unexpected token deposits.

Institutional participants and DeFi platforms are also updating their analytics capabilities. The goal is to reduce false positives and maintain accurate on-chain data. Some advanced users are adopting specialized wallets that include built-in dust management features to protect against these threats.

While the increase in dusting attacks is a significant development, it is not the only issue facing Ethereum. The network has also seen a rise in genuine usage, with more than 2 million daily transactions as of January 2026. The majority of stablecoin activity remains organic, according to Coin Metrics.

As the dusting attack trend continues, the cryptocurrency community is balancing innovation with security. Network-level solutions, including optional privacy features, may emerge in response. In the meantime, users and institutions are advised to stay vigilant and adopt best practices to mitigate the risk of being targeted.