In spite of the worst situation in the digital asset domain, cryptojacking has intensified.
It is important for potential investors to know that the crypto market is not dangerous due to the volatility and financial risks associated with digital assets, but rather due to the plethora of scams that follow this market.
The recent reports suggest that cryptojacking reached record high levels in 2022, despite falling digital asset values, and has continued to grow despite its massive volatility. Compared to the same period last year, cryptojacking volumes have increased by approximately US$66 million across the globe by the first half of 2022.
So, what is cryptojacking? Is it really a problem? And why should I care?
Cryptojacking is the practice of using someone else’s computer without their knowledge or consent to mine cryptocurrency. This means that instead of paying for electricity, you are effectively stealing from your neighbors.
Cryptojacking has become a major issue because it allows hackers to steal large amounts of computing power from unsuspecting victims. The potential impact is huge. If every PC in the world was infected with malware, it would require over 100 exaFLOPS (or 1018) of processing power. That’s enough to run the entire global economy.
How cryptojacking works?
Cybercrime such as cryptojacking involves using hacked computer systems to mine cryptocurrency. Crypto mining malware has been developed and distributed by cyber-criminals for this specific purpose. When loaded onto a compromised device, it mints coins, but it also creates vulnerabilities in people’s browsers and extensions, enabling scammers to steal their coins and profits.
The recent rise in cryptojacking cases has been attributed to several factors. The Log4j vulnerability is typically exploited by cybercriminals to launch cloud-based attacks. Moreover, cryptojacking carries a lower risk than ransomware or any other form of cybercrime.
The financial industry has been victim to several cryptojacking attacks, while retail is the second-most vulnerable industry. Cryptojacking is most dangerous because the victims often don’t realize their computers or networks have already been hacked.
The attackers’ preferred targets have also evolved over the past few months, according to researchers. Rather than focusing on the government, healthcare, or education sectors, it has finally moved into the retail and financial sectors. There has been an increase of over 200% in cryptojacking attacks in the finance sector.
Recent technological advancements have also made the attacks extremely lucrative. Crypto coin investors need to understand the volatility of these coins, but also avoid falling into these scam traps.
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