The Rise Of Cryptojacking And Ransomware Over The Years
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The Rise Of Cryptojacking And Ransomware Over The Years

August 19, 2020      Vandana Malik

Over the past several years, crypto adoption has increased to a very great extent but along with this, a threat of cryptojacking and ransomware has also increased. Cryptocurrencies have always been prone to cyberattacks and now cryptojacking is among the biggest threats of the crypto world. Cryptojacking could be easily understood as unauthorized use of anyone’s system or computer in order to mine cryptocurrency. Here the hackers infect a large number of systems that might be sufficient for them to power their mining operation. 

While on the other hand, Ransomware attacks are another form of malware through which hackers attack the system of any person. Through this attack they steal some of the most crucial and personal information of the users, to extort money from them. This kind of attack also restricts the user to access their system and in order to access it, they are asked to pay a certain amount. In the crypto industry, ransomware attacks are also getting quite popular and a threat is surrounding across the whole industry.

Ways of Cryptojacking and its detection

As Cryptojacking is becoming one of the most popular ways for hackers, there are different ways through which these hackers attack victims. There are two different ways using which the hackers are able to get access to the victim’s computer.

The first one is to fool different crypto traders with some fake crypto mining codes. In this method, the hackers tend to send emails to the victims and they design these emails in such a way that they look completely legitimate. As soon as the victim will click on the link, the crypto mining code will run on their system and through this, they are able to mine cryptocurrency. Another way is to fool the crypto traders via ads that keep popping up on different websites. In this, when the crypto users will click on the link or an infected ad, they ultimately fall victim to such hacks.

Now, cryptojacking detection plays a major role which will help the users to ensure whether their computer has been infected or not. Here are a few things that will help the users to detect cryptojacking on their computers –

  • Decreased performance – If the performance of the computing devices has been decreased than usual and the system gets slower, then this might be the first symptom of crypto mining.
  • Overheated system – This is another most important sign that indicates cryptojacking as the intense process of cryptojacking causes the devices to overheat extensively.
  • Increased CPU usage – This is something really important to check while detecting cryptojacking. When there is high CPU usage even when there is very little media content, it is the biggest sign of cryptojacking.

Rise of cryptojacking

In recent years, it has been seen that there has been a huge increase in cryptojacking malware, targeting the crypto community across the world. McAfee Labs has published a report named Threat Report regarding the rise in cryptojacking attacks. In that report, it has been shown that in just the first quarter of 2018, there was an increase of 629% in cryptojacking malware. Along with the increase in crypto adoption, cyber crimes are increasing rapidly and cryptojacking is emerging as one of the most popular ones among all. 

Rise of ransomware attacks

As mentioned above, ransomware attacks are another most popular malware in the crypto industry, and just like cryptojacking, there has been a huge increase in this type of attack as well. As per the data in 2018, these types of attacks have increased by 118% and the number is constantly increasing. It has been assumed that due to a lack of government intervention in cryptocurrencies, they are highly prone to such attacks. As digital payments are encouraged across the world, cryptocurrencies emerge as the biggest option among people these days. This is the major reason because of which hackers and attackers are seeing cryptocurrency as the most attractive option these days and because of this, there has been a huge increase in cybercrimes in the crypto industry.

Firms that are infected by cryptojacking 

There are a lot of examples in the crypto industry showing how badly they have been hit by cryptojacking attacks. Some of the prominent ones are –

  • PowerGhost steals Windows credentials – PowerGhost, a well-known malware has stolen the Windows credentials and through this, they have leveraged Windows Management Instrumentation. This has been considered among the biggest cryptojacking malware to date.
  • Docker Hub attack – Recently in June 2020, a cryptojacking malware was detected which has been using the Docker images on the Docker Hub network for crypto mining on the victim’s system. It has been assumed that the hackers were able to gain $36,000 through this attack.

Not only this, but there are also numerous attacks of this kind and are increasing simultaneously.

Conclusion 

As cryptocurrency is far away from any kind of government intervention, it is highly important for the crypto users, miners, and traders to be extra cautious with what they are doing with their funds. The major role to stop the cryptojacking and ransomware attacks has to be that of individuals who are using cryptocurrencies.

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.