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Cryptojacking on the rise despite market slump

Cryptojacking

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TL;DR

  • Cryptojacking surges as market declines
  • The crime touches 30% high in six months
  • Researchers explain the reasons for the rise

Over the years, cryptojacking has been used as one of the few methods to mine illegal crypto from unsuspecting users. This is because the hackers chance upon back door access via hacking the computer to mine crypto. However, in the last few months, reports have claimed that cryptojacking has skyrocketed to new highs. In a new report that SonicWall uploaded, crimes associated with cryptojacking worldwide have touched $66.7 million in the first half of this year.

Cryptojacking record 30% rise since January

According to the report, this figure is greater than last year’s, considering the same duration. According to explanations, during the criminal act, the hacker must first find a back entrance into a person or organization’s computer or system. Once the hacker is in, he proceeds to install dangerous malware, which will, in turn, be used to mine digital assets without the owners’ knowledge.

Most of these acts are carried out through loopholes in extensions or other areas of a system. This is one of the reasons why analysts have warned traders to be mindful of what or where they download on their computers. In talking about the reasons for the rise of the criminal act, the report touched on several aspects.

Researchers explain the reasons for the rise

According to the report, hackers have identified a loophole in the Log4j and are now using it to target systems in the cloud. There was a discovery made in the logging utility of Java close to the end of last year. Hackers used the vulnerability to hijack systems to do whatever they wanted remotely. The second point made in the report was that cryptojacking is a small fish in the crime net compared to ransomware.

While jacking victims are unaware that their systems have been compromised and used as mining equipment, ransomware hackers would make public their demands before they return sensitive details that might have been compromised. The report also claims that companies in other sectors are no longer the target as the hackers now prioritize the finance sector. According to the numbers, the finance sector saw a massive 269% increase in crimes associated with cryptojacking, while retail came in second with a 63% rise. However, these crimes have fallen drastically as the market fights bearish returns. Putting it into perspective, the market has fallen by 57% since the start of the year.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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