Cryptojacking Advances Cybercrime and Threatens Crypto Security

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Cryptojacking: With the explosion of cryptocurrencies and the search for mining mechanisms, cybercriminals are increasingly involved in suspicious actions and daily new portfolios and exchanges are victims of scams, harming users, investors and the asset market itself. Now, a new type of attack haunts the digital currency universe and emerges as the newest emerging online threat: cryptojacking.

Cryptojacking, also known as malicious cryptocurrency mining, is a cyber scam where a threat breaks into computers or mobile devices to mine digital coins, utilizing the machine’s key network resources to increase profit and rescue power. Thus, the equipment suffers a big drop in performance, battery overheating, reduced productivity in data consumption and increased energy costs. Despite appearing to be harmless in relation to sensitive data such as users and passwords, the scheme brings serious damage to devices.

According to Chris Morales, CISO at Netenrich, the practice is similar to those used to access financial documents and bank accounts, but based on the main lucrative actions involving cryptocurrencies. Thus, “social engineering with phishing and malware” is established through an unknown link in an email, an infected website or malicious software, embedding JavaScript code in the browser (mobile or desktop) and giving a start working 24 hours a day in the background.

Wave of attacks on cryptocurrencies

In January of this year, a report released by Atlas VPN said that more than R$19.2 billion was stolen in cybercriminal attacks, in just over 120 attacks that targeted wallets, exchanges and third-party applications of DeFi calls (decentralized finance) . These vulnerabilities call for an important warning about the users’ handling of strengthening the security of browsing and their confidential data to the maximum, as well as a greater commitment of brokers to defend their investors.

“It would not surprise me to see vulnerabilities in some of the software portfolio providers over time that allow these portfolios to be accessed before they are patched or updated,” said Karl Steinkamp, ​​director of Coalfire. “The same is generally not true for hardware portfolios, as they tend to be purpose-built and would require a more sophisticated skill set to commit.”

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