CRYPTOCURRENCY

Malicious Mining Hijacks Over $175 Million Worth of Monero Cryptocurrency

Cryptocurrency fears in the air since the invention of the technology have been confirmed by a massive loss of more than $175 million worth of Monero to malicious cryptocurrency miners. The amount is estimated to be almost 6% of the entire Monero currency in circulation. A cybersecurity researcher noticed the upward trend in malicious mining and decided to delve deeper into the cybercriminal activity which has cost cryptocurrency firms more than $10 Billion worth of money since 2012.

Josh Grunzweig’ s finding

The above Palo Alto Networks Blogger documented an article dubbed the “The Rise of Cryptocurrency Miners” in which he expounded on the issues of malicious mining and its growing trend. Eventually, he settled on the judgment that Cryptocurrency cybercrimes had grown and with the rates had shed off with them 6% of Monero coins in circulation. Using an experimental sample tool, Josh found out it was difficult and most probably impossible to query a Monero blockchain when extracting balances from a single XMR wallet. From his analyzed sample, Josh extracted 2,341 Monero wallets from his sample using a different methodology that proved the extent of how attackers may pull into the safety of Monero wallets. Doubting Grunzweig finding is likely being ignorant and also discrediting his employee, the Palo Alto networks which are a legit Cybersecurity company specializing in firewalls security.

Cryptocurrency malware

Josh also noted a rising situation in the use of mining malware. The use of web-based embedded javascript in internet application has also become a valuable trick to gain Monero coins from people’s processor power. The findings also reported about 500,000 malicious samples from mining pools and 2,995 pool URLs.The half a million specimens, Josh explains usually target Monero wallets and 50,000 target Bitcoins while the remaining samples out of 600,000 targets the rest of cryptocurrencies. Apart from the Monero wallets he identified, he also documented other coins, which include a total of 981 Bitcoin wallets, 28 Litecoin wallets, and 44 Ethereum wallets. To come up with the exact percentage of shed off Monero, Josh queried eight mining pools and reported that from his findings this was the amount of Monero that has been mined since the launching of the cryptocurrency.

Web-Based mining softwares

A cryptocurrency program creeps into websites just like google crawlers creep into sites while indexing web pages. The mining code alleged here is called Cognitive which is believed to have been running on almost 500 unsuspecting websites. The program mines Monero cryptocurrency in the web browser but in the background. The disadvantage of the Coinhive code is that it can be used to mitigate crypto attacks which access into people’s computer speeds by swallowing up processor speeds without the owner of the computer suspecting.

Closing Remarks

For a long time, cryptocurrency mining profitability has not been in line with financial trends. Weighing the lucrative returns from digital currency against the prevailing economic circumstances lacks a level balance that has led to turning many people into instant millionaires. Malicious mining is expected to rise beyond 50% due to the lack of tight end to end storage. Investigations are also underway to get the culprits behind coinhive crypto attacks.

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