Research: Illicit Crypto Mining Becomes Rising Threat as Criminals Turn to Sophisticated Methods

Research: Illicit Crypto Mining Becomes Rising Threat as Criminals Turn to Sophisticated Methods

Illicit cryptocurrency mining attacks are showing no signs of slowing down, with IT security firm Trend Micro reporting a 956 percent jump in such attacks since the start of 2017.

Crypto Prices Fall, Attacks Do Not

In a Mid-Year Security Roundup, Trend Micro researchers found over 787,000 instances of malicious cryptocurrency mining, popularly known as “cryptojacking,” in the first six months of 2018, compared to only 74,500 instances across a comparable period in 2017.

Related: Fraudulent Monero Mining Generates $100K Per Month for Hackers

The test results included mining malware programs deployed by attackers across the internet as well as legitimate software, such as the Coinhive miner, being misused by hacking groups to target victims.

Additionally, over 47 “new” mining malware strains were discovered, indicating that several groups joined the attacking effort and developed unique malware in 2018.

The report also observed that cryptojacking is gaining fervor among hacking groups for its ease-of-deployment, anonymity and potential for large payouts.

Multiple Threats Identified

According to Trend Micro, cryptojacking is a significant phenomenon, and businesses need to be informed of the extent of the obscure threat. The report noted that attacks are not limited to a single computer and, instead, represent a red flag for an entire network’s security.

Researchers added:

“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.”

Apart from illegally utilizing computing resources, cryptojacking attacks can cause substantial damage to CPU fans and computing hardware, in addition to hurting network performance and shortening business computers’ lifespans. The report identified the loss of time while working on a slow, infected computer as an additional concern.

Trend Micro cited Coincheck’s infamous $500 million NEM hack as another method of cryptojacking where hackers target entire companies rather than individuals.

Related: Kaspersky Labs Warns Against Cryptocurrency Mining Malware Affecting Several Corporations

Furthermore, the report noted cryptojacking attacks were increasing regardless of the dwindling prices of cryptocurrencies in 2018.

Trend Micro’s research follows several self-funded efforts to point out security flaws in the digital asset ecosystem, with Kaspersky Labs and Qihoo 360, among others, devoting resources to help identify the factors, and steps to mitigate, 2018’s fastest-growing cybersecurity threat.

Cover Photo by Ryan Loughlin on Unsplash

Filed Under: Analysis, Hacks, Mining
Shaurya Malwa

Post-mining his first bitcoins in 2012, there was no looking back for Shaurya Malwa. After graduating in business from the University of Wolverhampton, Shaurya ventured straight into the world of cryptocurrency and blockchain. Using a hard-hitting approach to article writing and crypto-trading, he finds his true self in the world of decentralized ideologies. When not writing, Shaurya builds his culinary skills and trades the big three cryptocurrencies.

View author profile

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.