Cryptocurrency is not a novel concept in today’s world. It was one of the first forms of cryptocurrency, appearing in 2009. This cryptocurrency inspired the creation of many other cryptocurrencies. The term “cryptocurrency” is a combination of two words: “cryptography” and “currency.” Cryptocurrency uses a secure payment mechanism based on cryptography. This encryption technology safeguards the cryptocurrency against fraud. As a result, it is safe and secure to use. Although, it comes with certain risks. This blog will look into the cryptocurrency mechanism and its illegal form of cryptojacking.
What exactly is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that uses cryptography to secure transactions. It is a distributed system built on blockchain technology. In other words, it is a digital payment system that does not rely on banks for transaction verification. It is an encrypted and decentralised peer-to-peer communication protocol. Bitcoin is the most well-known digital currency in use today.
How does Cryptocurrency function?
Cryptocurrencies operate on the blockchain, a distributed public ledger. Mining is a process that uses computer power to solve complex mathematical problems that generate coins to create cryptocurrency units. Cryptocurrency is an intangible asset. The blockchain is regularly updated by the new information that took place in the most recent transaction. To produce new blocks, computing power is needed. People who provide such power are rewarded with cryptocurrencies and are called miners.
What is Cryprojacking?
Unfortunately, cybercrime, including cryptocurrency scams, is on the rise. Cryptojacking is one of them.
Cryptojacing is a type of cybercrime in which cyber criminals use people’s devices to mine for cryptocurrency without their permission. Mining is extremely expensive. As a result of not having to pay for expensive hardware and electricity bills, hackers mine for cryptocurrencies by accessing other people’s computers. Cybercriminals compromise devices in order to install cryptojacking software. Cryptojacking malware often infects the device through a simple phishing attack. It operates in the background and does not harm computers or the data of victims. The initial plan is always to steal not only energy resources, but also cryptocurrency from digital wallets. Today’s cryptojacking attacks are also aimed at stealing users’ data.
What are the Cryptojacking methods?
Browser cryptojacking or endpoint attacks
It is also referred to as “drive-by cryptomining”. A user receives a legitimate-looking email encouraging them to click on a link that executes code to install cryptojacking software. This type of code can also be injected into a website. For the purpose of cryptojacking, cybercriminals create a website with embedded crypto mining software code and direct traffic to it. Pop-up advertisements can also derail existing websites.
Cloud infrastructure attack or a phishing scam
Cloud infrastructure attacks are designed to take over a user’s managed cloud environment or to exploit SaaS applications to perform crypto mining calculations. It is also possible to scan clouds for vulnerabilities and begin loading coin-mining software. Or to send a standard phishing scam and to trigger a user to download a malicious coin-mining code.
There are 4 major indicators of Cryptojacking to be aware of:
- The device’s poor performance is the first sign of cryptojacking.
- Overheated device is another common indicator.
- Due to a lack of available processing power, the device shuts down.
- Decrease in your device’s or router’s productivity.
6 Suggestions for Cryptojacking Prevention
- Use browser extensions designed to prevent coin mining.
- Keep an eye on your computer’s resources at all times.
- Use ad blockers that prioritise privacy.
- Regularly update your software.
- Be on the lookout for signs of cryptojacking.
- Become knowledgeable about cyber security.
We have discussed cryptocurrency and its vulnerability to cryptojacking. While this threat is not as widespread as it once was, it is still critical to take the necessary precautions to avoid being infected by this malware. We hope these suggestions are beneficial to you.
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