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Cryptocurrency Mining Hacks: What you Must be Aware of Now

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In an industry rife with fraud, scam and hacks, it pays to protect yourself.

Year over year, malicious cryptocurrency mining attacks soared nearly 960%, according to IT security firm, Trend Micro.

Hacks will get worse, as hackers become craftier

Cryptojacking is the unauthorized use of someone else’s computer to mine cryptocurrency.

Once a hacker gets a victim to click a malicious link in an e-mail, they’re in.  They can even hack your computer with an online ad in your browser.

Trend Micro found more than 787,000 detections of malicious cryptocurrency mining software in the first six months of 2018.  That’s up from 74,500 detections across a similar period in 2017.

They also discovered “47 new cryptocurrency mining malware families,” says Coins Desk.

It’s all being done as hackers use business and other victims’ computers to mine for cryptocurrency.  It’s essential that folks understand this.

“From an enterprise point of view, the presence of unauthorized cryptocurrency miners in the network is a red flag not only for the affected individual user device but also for overall network security. The new challenge for enterprises lies in the fact that cryptocurrency miners are less visible, more silent threats, the non-detection of which is likely to induce a false sense of security.”

Not only can the hacks destroy hardware, it can significantly slow down computers

Other hackers are bypassing such mining attacks, and are instead hacking exchanges directly.

“With CPUs that are not specifically made for crypto mining, it could be detrimental to your hardware,” says Carles Lopez-Penalver, intelligence analyst at Flashpoint, as quoted by CSO Online. “They can burn out or run more slowly.”

In fact, Coincheck and Coinsecure at two recent examples.

“Interestingly, these trends persisted even as the value of cryptocurrency itself declined throughout the first half of the year,” the report noted.



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