(in)Secure: Cryptojacking is set to become the new malware epidemic | Digital Trends (2024)

(in)Secure is a weekly column that dives into the rapidly escalating topic of cybersecurity.

Cryptocurrency has fought for its reputation ever since its creation. Bitcoin fans have always had to defend against accusations that it’s only purpose is for illicit activities — that it’s a currency for criminals. Bill Gates even argued it has caused death in his recent Reddit AMA.

Now, cryptocurrency has yet another problem to deal with: cryptojacking. It’s the act of hacking a computer for use in cryptocurrency mining, usually without the owner knowing about it. It’s the newest evolution of malware — and it looks set to spread like wildfire.

A brave, new world

In February, Salon announceda new crowdfunding campaign that caught headlines across the internet. You can donate your computing power through cloud mining to help support the publication. It doesn’t require the installation of software, or even setting up an account.

Just like that, an alternative to paid subscriptions and ad-based revenue has appeared. Cloud mining was already catching on, and now it’s finding new, interesting use cases.

Also in February, security researcher Scott Helme published his findings on the dark side of the technology. Without getting consent from either the owner of the website or visitors, cryptocurrency scripts can be hacked into websites, which then hack visitor’s CPU power. That’s cryptojacking.

The past year has witnessed several large-scale attacks on websites like the LA Times, Tesla, and Politifact, but recently the trend has escalated in an even more startling way. Research shows that thousands of legitimate websites, including some that belong to government institutions, have been cryptojacked.

How? Helme puts it this way: “If you want to load a cryptominer on 1,000+ websites, you don’t attack 1,000+ websites, you attack the one website that they all load content from.” In one case, an assistive technology called Text Help was compromised. Any website that used it then cryptojacked visitors, without either the website owners or visitors having a clue.

https://twitter.com/Scott_Helme/status/962684239975272450

Another recent report claims 50,000 websites already have crypto-mining malware ready to steal your computer’s power without your knowledge. Seven thousand websites have been discovered to contain this strain of cryptojacking on the WordPress platform alone.

Both Salon and the hackers behind recent attacks use the same tool — a JavaScript miner called CoinHive. It can be embedded on a webpage and functions in the visitor’s browser window. Hackers have taken the script and implemented it to immediately force visitors to donate their CPU power toward mining Monero coins, or XMR. (What’s that, you ask? Read our guide to the best Bitcoin alternatives).

The internet could become one big, illicit crypto-mining operation.

That wasn’t CoinHive’s intent. Instead, its developers “dream about it as an alternative to micro payments, artificial wait time in online games, intrusive ads, and dubious marketing tactics.” It’s a rather clever idea, really. The average PC is much more powerful than needed to browse the web, so why not use a bit of that performance to pay for content? The creators of CoinHive told Motherboard recently that “their reputation couldn’t be worse,” lamenting that they didn’t see the potential of cryptojacking at the time.

To be clear, cryptojacking isn’t an easy way for hackers to get rich. If a site has 10–20 active miners all day, CoinHive claims “you can expect a monthly revenue of about 0.3 XMR (~$86).” It’s relatively easy for hackers to implement, however, and the anonymous nature of cryptocurrency makes the payoff hard to trace. Consider it low reward, but very low risk. So long as cryptocurrencies keep rising in value, cryptomining — and its dark side, cryptojacking — will continue to spread.

This is only the beginning

It’s not hard to imagine cryptojacking’s future. Today, ads are everywhere you look on the internet, and off. Ads appear everywhere from YouTube to free software. Cloud cryptomining could provide an alternative, letting you “donate” some processor power for free web content or software.

We could also see a future where cryptojacking is constantly in the news — and in much greater potency. The internet could become one big illicit crypto-mining operation, and the fight against that won’t be easy. Hackers will find efficient and more subtle ways of secretly contorting innocent CPUs to make a quick buck. Right now, it’s not yet possible to mine cryptocurrency in-browser using a visitor’s GPU, which would provide much more substantial hashing power. Such a thing can’t be too far away.

And it doesn’t stop with in-browser mining.

Imagine the way adware works today. You’re installing a piece of software, and you quickly click through a few checkboxes to complete the installation. Without being fully aware of it, you’ve installed a piece of software that generates revenue for a company by inserting ads into your browser. Because it’s invisible, cryptojacking malware tougher to deal with. You might not even notice it quietly humming along in the background as it slows your computer and fills someone’s crypto-wallet.

This is certain to happen in a future where cryptocurrency cements its position as an online currency. It’ll give developers and website owners a new way to make legitimate cash from their work — and profit-driven hackers another potent tool in their toolbox.

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(in)Secure: Cryptojacking is set to become the new malware epidemic | Digital Trends (2024)

FAQs

Is cryptojacking a type of malware? ›

Cryptojacking is a form of malware that hides on your device and steals its computing resources in order to mine for valuable online currencies like Bitcoin.

What are the security issues with cryptojacking? ›

Cryptojackers often bait users into clicking on links in phishing emails and downloading malicious code to their devices. Another approach is to infect websites using cryptojacking command lines embedded in HTML code—this code then runs the mining program automatically when the user opens the infected webpage.

How common is cryptojacking? ›

Considering this, cryptojacking is a way for criminals to cut costs while increasing their potential for financial gain. That's part of why it's growing in popularity, with 332 million cryptojacking attacks tallied in the first half of 2023, a record 399 percent increase from 2022.

What is the cause of cryptojacking? ›

Cybercriminals hack into devices to install cryptojacking software. The software works in the background, mining for cryptocurrencies or stealing from cryptocurrency wallets. The unsuspecting victims use their devices typically, though they may notice slower performance or lags.

How illegal is cryptojacking? ›

Cryptojacking might seem like a harmless crime, since the only thing 'stolen' is the power of the victim's computer. But the use of computing power for this criminal purpose is done without the knowledge or consent of the victim, for the benefit of the criminal who is illicitly creating currency.

What is malware in cryptography? ›

A silent threat, crypto-malware is often disguised as legitimate software that, once downloaded, embeds malicious code into various applications and programs. This code will run in the background and mine for currency any time the victim uses their device.

How does cryptojacking work and why is it problematic? ›

Cryptojacking is a type of cyberattack in which a hacker co-opts a target's computing power to illicitly mine cryptocurrency on the hacker's behalf. 1 Cryptojacking can target individual consumers, massive institutions, and even industrial control systems.

How harmful is crypto mining? ›

Global Bitcoin mining is highly dependent on fossil fuels, with worrying impacts on water and land in addition to a significant carbon footprint.

What is the danger of crypto mining? ›

Security vulnerabilities. Cryptocurrency miners may be vulnerable to different types of security risks. Hacking, malware, and cyberattacks can grant unauthorized access to a miner's equipment, resulting in the theft of mining rewards and confidential data. Operational and financial risk.

Is cryptojacking still happening? ›

Cryptojacking is rising. Infact, Cryptojacking rose by 659% in 2023, reported SonicWall. This makes Cryptojacking a hidden danger for businesses, affecting performance and costs.

Is crypto mining wasteful? ›

Due to the consistent increase of the bitcoin network's hashrate, one 2021 study estimated that mining devices had an average lifespan of 1.3 years until they became unprofitable and had to be replaced, resulting in significant electronic waste.

How do you prevent cryptocurrency attacks? ›

Use a crypto wallet

Storing most of your crypto in a secure wallet should give you some protection from theft. A crypto wallet is a software product or physical device that stores the keys to your cryptocurrency accounts.

What is the punishment for cryptojacking? ›

They are alleged to have misrepresented themselves to get additional servers incorporated onto a company's cloud service. The servers were going to be used to mine cryptocurrency. Wire fraud is punishable by up to 20 years in prison and/or a fine.

Who are the victims of cryptojacking? ›

The potential victim includes any individual in any organization. Like ransomware, cryptojacking can affect your organization despite your best efforts to stop it. Detecting it can be difficult, as even endpoint protection tools stop cryptojacking.

What is the most cyber crime committed using cryptocurrency? ›

Cybercriminals have found many ways to use cryptocurrencies for their benefit. One of the most common ways is through ransomware attacks. In a ransomware attack, a cybercriminal will gain access to a victim's computer and encrypt their files, making them inaccessible.

What type of virus is cryptojacking? ›

Cryptomining malware is specifically designed to exploit a target's computer resources, often through a browser or JavaScript. After getting infected with cryptominer malware through a link or other malicious source, the cryptojacking code embeds itself in your machine.

What sort of malware is a crypto malware? ›

Crypto ransomware (or cryptomalware) is malware that encrypts data on the victim's device and demands a ransom to restore it. Crypto ransomware can attack both individuals and businesses.

What type of malware is ransomware? ›

Ransomware is a type of malware that locks and encrypts a victim's data, files, devices or systems, rendering them inaccessible and unusable until the attacker receives a ransom payment. The first iterations of ransomware used only encryption to prevent victims from accessing their files and systems.

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