In the ever-evolving landscape of cybercrime, new threats continue to emerge, exploiting the digital realm for illicit gains. One such trend that has gained significant traction in 2024 is cryptojacking. This insidious form of cybercrime not only compromises the security of individuals and organizations, but also poses a significant challenge to the overall stability of the digital economy.
Cryptocurrency, like Bitcoin, operates as a means of payment and speculative commodity, supported by the revolutionary technology of blockchain. Blockchain, developed by Satoshi Nakamoto, is a decentralized system utilizing global volunteers’ computers, acting as a worldwide ledger that eliminates the need for a central database. With encryption and public-private keys ensuring secure peer-to-peer transactions, blockchain improves data transparency, security, and efficiency, potentially replacing outdated banking systems. This partnership between cryptocurrency and blockchain technology opens the path to widely accessible digital financial products.
Understanding cryptojacking
Cryptojacking, also referred to as malicious cryptomining, is an online menace that operates by surreptitiously utilizing the computing resources of a computer or mobile device to mine cryptocurrencies. This form of attack often originates from downloads on web browsers or unauthorized mobile applications, posing a threat to various devices such as desktops, laptops, smartphones, and network servers. Unlike many other malicious activities, the primary motivation behind cryptojacking is financial gain, and its distinctive characteristic lies in its ability to remain undetected by the user.
As per SonicWall Cyber Threat Report, there was a 43% year-over-year increase in cryptojacking attempts in 2022. This spike pushed attack volume past the 100-million mark for the first time and set a record high of 139.3 million attacks by the year’s end.
Read more: Is crypto a good investment for you in the long run? A detailed analysis
How cryptojacking works
Cryptojacking operates through two methods: malware-bared attacks and drive-by cryptomining. In the case of malware, hackers gain control over a portion of your computer, similar to ransomware, but unlike ransomware, this control remains hidden in the background while you continue using your device.
The process unfolds as follows:
- You unknowingly click on a malicious link in an email, which may appear harmless.
- Clicking the link loads cryptomining code onto your computer, deploying a mining script discreetly.
- The script seizes a portion or the entirety of your device’s computing to mine cryptocurrency.
- The cryptojacker closely monitors the mined cryptocurrency, collecting it in their digital wallet.
Meanwhile, drive-by cryptomining has its roots in a legitimate practice where websites openly disclosed the use of visitors’ computers for mining cryptocurrency during their site visitation, ceasing mining once they departed. However, this gave rise to unauthorized drive-by cryptomining, where visitors’ devices are exploited for mining without their consent.
When an unsuspecting user visits such a site, code is implanted on their device. Not only does the user remain unaware of their device’s mining activities, but the mining persists even after they leave the site.
Certain cryptojacking malware operates similarly to worm-style viruses, propagating across networks and infecting devices one after another, effectively enslaving them and depleting their resources in the process.
According to Kaspersky, in 2019, eight separate apps that secretly mined cryptocurrency with the resources of whoever downloaded them, were ejected from the Microsoft Store. The apps supposedly came from three different developers, although it was suspected that the same individual or organization was behind them all. Users searching for specific keywords on the Microsoft Store or browsing the list of popular free apps may unknowingly come across cryptojacking apps. Once downloaded and opened, these apps inadvertently install JavaScript code designed for cryptojacking. As a result, the malicious miner begins its quest for Monero, consuming a substantial portion of the device’s resources and causing noticeable slowdowns.
Read more: What is cryptojacking and how to prevent it?
The consequences for individuals and organizations
For individuals, falling victim to cryptojacking can lead to a range of detrimental consequences. The most immediate impact is a significant slowdown in device performance, as the malicious software hijacks the processing power to mine cryptocurrencies. This results in increased energy consumption, reduced battery life, and overall system instability. Moreover, the compromised system becomes vulnerable to further attacks, as the initial breach often opens the door to other malicious activities.
Organizations are not exempt from the risks posed by cryptojacking. Infiltrated networks can experience widespread slowdowns, leading to decreased productivity and hampered operations. Additionally, the financial toll can be substantial, as the costs associated with increased energy consumption and system maintenance quickly accumulate. Moreover, the reputational damage resulting from a successful cryptojacking attack can erode customer trust and impact the bottom line.
As the trend of cryptojacking gains momentum, cybercriminals are displaying greater ingenuity. A prime example occurred in January 2023, when threat actors leveraged automation to generate 130,000 trial accounts on cloud platform services. Their ultimate objective was to exploit GitHub Actions workflows for unlawful cryptomining purposes.
How to stop, prevent and detect cryptojacking
Preventing, detecting, and stopping cryptojacking requires proactive measures. Here are some practices you can follow to safeguard your business:
- Educate your employees about the threat and encourage them to report any suspicious activity for further investigation. Moreover, implement advanced network monitors to detect cryptojacking activities that may go unnoticed by regular malware scanners.
- Conduct regular web scanning to identify and report any suspicious scripts or files on your server. You can also install ad-blockers and cryptomining blockers in your browsers to prevent unauthorized usage.
- Deploy advanced endpoint protection to block cryptominers. In addition, you can utilize mobile device managers to manage and secure personal devices used for work.
- Block infected domains known to be operated by hackers. If you lack the resources, consider hiring a Managed Service Provider for cyber security services. Stay updated, maintain vigilance, and proactively manage threats to keep your business safe.
This brings us to the end of our blog on cryptojacking. Stay connected to PureVPN Blog to learn more about the latest crybercrime trends.
Read more: The dark side of cryptocurrency – crypto malware
Adil Ahsan Ali
January 1, 2024
5 months ago