Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Cryptojacking: What is it, and Why Attacks on it are Increasing Globally?

Cryptojacking: What is it, and Why Attacks on it are Increasing Globally?

Hania by Hania
October 26, 2024
in Beginner Guides, General News
Reading Time: 6 mins read
A A
0
Cryptojacking: What is it, and Why Attacks on it are Increasing Globally?
Share on FacebookShare on Twitter
ADVERTISEMENT

Cryptojacking refers to a cyber attack in which an attacker hijacks and controls an electronic device, such as a computer. The endpoint of a cryptojacking attack is to use the user’s resources for cryptocurrency mining.

On the other hand, cryptocurrency mining is legal. So, it is like using an illegitimate method to carry out a legitimate process for results. Crypto mining primarily refers to the competition that people (miners) engage in to verify transactions.

Verifying transactions will lead to more cryptocurrency being released into circulation. Indeed, the system rewards the miner who verifies a transaction with cryptocurrency. This method is how new cryptocurrencies come into the crypto ecosystem.

Between 2021 and the first half of 2022, cryptojacking increased by over 30%. According to SonicWall, losses up to the tune of $66.7 million were caused by cryptojacking.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

The company is a cyber security firm based in the United States. Last year’s data on crypto jacking is nothing compared to this year’s data in the ecosystem.

SonicWall further added in its report on cryptojacking, “While volume increases were widespread, some business sectors were hit harder than others, such as the finance industry, which saw a rise of 269%.”

The Meaning of Cryptojacking

As I mentioned, cryptojacking is using an illegal means to carry out the legal mining process. So, it means that the end point of cryptojacking is mining. The attacker wants to mine cryptocurrencies but does not have the resources. So the attacker looks for a computer with the resources attacks it, and controls the resources,

In summary, crypto jacking is a cyberattack in which a computing device is hijacked. The person who attacks the computer becomes its controller. Unlike most cases, the reason for hijacking a computer in crypto jacking is to use its resources for cryptocurrency mining.

Most of the time, the attacker sends the user a link. Such links usually integrate malicious software, making them dangerous. An infected webpage will appear when the user clicks the link the attacker sends.

The user automatically gives the attacker access to that device without knowing. Immediately, the attacker must start controlling the computer’s data. The attacker can even lock or sign the user out of the device.

The Reason

As I mentioned before, cryptojacking is not illegal. However, the act of cryptojacking is illegal. The aim of cryptojacking is mining. The attacker needs to mine coins and does not have resources. So, the attacker looks for a computer with resources, hijacks it, and uses the resources for mining.

Cryptocurrency mining is like the minting of fiat money. It is a way to release more cryptocurrencies into the crypto ecosystem. Before mining cryptocurrencies, the miners (computer nodes) must solve complex mathematical problems. So, it is like a whole class trying to find the answer to a test question.

However, in this case, even if everyone gets the answer, the mining algorithm will pick only one miner. The basis for selecting the miner is that the person will be the first to provide the correct answers.

Cryptojacking

The first to produce the answer to the mathematical problem becomes the one who will verify transactions in the block. So, when the miner selected by the system verifies transactions, the system rewards the miner with a freshly mined cryptocurrency.

The cryptocurrency mining race involves cracking a hexadecimal code of 64 numbers. You will need a computer with very high computational power to crack the code. This computer must have the latest mining software installed on it. Also, it must have the recent hardware configurations. Also, such computers consume plenty of electric energy to keep them functioning and solving math equations.

Cytojacking attackers co-opt the servers, cloud infrastructures, and servers of their computer prey, then use the resources to mine cryptocurrencies. By using the resources they hijacked, they will pay less or use less of their resources to mine cryptocurrencies.

The Reason for the Hike in Cryptojacking Occurences

According to a threat report by SonicWall Cyber Security, a ransomware attack crackdown pushes cybercriminals to find alternative routes. For cryptojacking, cybercriminals face low risks and higher rewards.

The Vice President of SonicWall Europe, Middle East, and Africa (EMEA) mentioned that cryptojacking is a pleasing second thought for cybercriminals and their gangs. He further said, “It has a lower potential of being detected by the victim; unsuspecting users across the world see their devices get unaccountably slower, but it’s hard to tie it to criminal activity, much less point to the source.”

Furthermore, the SonicWall Threat Report stated, “Unlike ransomware, which announces its presence and relies heavily on communication with victims, cryptojacking can succeed without the victim ever being aware of it.“

Should The Increased Cryptojacking Rate Be a Concern?

The factual answer is YES. The rate of cryptojacking is increasing because most people whose systems get attacked by cybercriminals are almost unaware of what is happening. Some signs these users will notice may be their devices slowing down, their batteries draining faster, or their devices heating up unnecessarily.

Another key reason cryptojacking should be a concern is that the crime now affects organizations. These cybercriminal gangs have moved from individuals to small, medium, or even large organizations.

Recent studies revealed that cryptojacking activities targeting retail industries have increased by over 62% in the last year. Similar attacks have also targeted the fintech industries, which have increased by over 267% in the last year.

Finally, according to Interpol, “The primary impact of cryptojacking is performance-related, though it can also increase costs for the individuals and businesses affected because coin mining uses high levels of electricity and computing power.”

So, if you know you use a high-performance computer, verify all links from unknown sources before clicking them. Also, ensure that your malware prevention and antivirus are up to date. By all means, be alert and keep your system from crypto jacking at all times.

Also Read:

WHAT IS A CRYPTO DUSTING ATTACK AND HOW DO I AVOID IT?

SCAM PROJECTS AND HOW TO IDENTIFY THEM

10 WAYS TO SECURE YOUR BITCOIN AND CRYPTO WALLET

Tags: crypto hackercrypto miningcyber attackcybercriminalshacking
Share76Tweet47
ADVERTISEMENT
Previous Post

Hacker Loses $8000 Worth Ethereum While Trying To Attack Near Protocol’s Rainbow Bridge

Next Post

5 Best Cryptocurrency To Watch And Invest In 2022

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
5 Best Cryptocurrency To Watch And Invest In 2022

5 Best Cryptocurrency To Watch And Invest In 2022

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • Litecoin (LTC) Price Prediction For 2023,2024, 2025 And 2030

    202 shares
    Share 81 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.