Illegal Crypto Mining Soars To Alarming Rates

The attacks come at a time when blockchain technology is gaining traction across the world. It might impact the overall adoption of the technology. 


McAfee Issues Threat Report On Illegal Crypto Mining

The rate of crypto mining hacks is on the rise in a steady manner. Data shows that the second quarter of this year has witnessed many hacks, unlike any other period. The hacks stand at 86%. Details about the attacks are contained in a threat report released by McAfee Labs. The entity is a cybersecurity company.

It has emerged that the Q2 of 2018, over 2.5 million fresh malware in mining were discovered. Compared to the first quarter, crypto hacks stood at 2.9 million representing a 629% increase. During the same period last year, only 400, 000 samples of malware were discovered.

The survey state that the attacks are still a major threat due to the introduction of new threats. The increase in the second quarter of this year is enough to cause for alarm.

Experts who prepared the report stated that criminals have discovered fresh means of mining cryptos in an illegal manner. The new development has led to a rise in the number of malware attacks.  The attacks are on the rise at a time the blockchain technology is gaining popularity across the world.

In the report, McAfee Labs highlighted a recent warning dubbed Don't Join Blockchain Revolution Without Ensuring Security. The report was meant to alert potential clients about threats posed by the new technology.

How Criminals Are Illegally Mining Cryptos

According to Christiaan Beek, from McAfee, criminals are taking advantage of devices with low CPU to engage in illegal mining. He said that such devices are becoming a profitable revenue source for criminals.

He also highlighted other devices that can be exploited by hackers. He noted that routers, cameras and IoT appliances are attractive to criminals. Some have weak passwords that make them susceptible to hacking.

Media reports from the previous week indicated that hackers are now targeting state-run websites. An example is India.

The development comes after Firefox revealed that any malware linked to crypto jacking will be barred from the browser. The new feature will take place in the upcoming versions. It seeks to stop add-ons that secretly mine cryptos.

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