Unlike most malware, crypto-malware does not aim to steal data. With new variants of crypto-malware being created and new cryptocurrencies continuously in circulation, we are likely to see a further increase in crypto-malware attacks in the near future.
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In this way, attackers can assume a steady return on crypto-malware so long as the code remains undetected. In most cases, crypto-malware can run independently and indefinitely once they are executed on the victim’s device.
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Download Now Why are crypto-malware attacks on the rise?Īs the value of cryptocurrency continues to rise and its use becomes more ubiquitous, crypto-malware attacks are becoming increasingly popular amongst cybercriminals. In doing so, these attacks drain significant resources from the victim’s computer without any payoff for the device’s owner.ĭownload the 2022 Global Threat Report to find out how security teams can better protect the people, processes, and technologies of a modern enterprise in an increasingly ominous threat landscape. While the process used by hackers is essentially the same as compared to that used by legitimate cryptominers, crypto-malware leverages another user’s devices and processing power to gain payment. This activity, which is legal, is rewarded by payment via cryptocurrency.Ĭryptojacking, sometimes called criminal cryptomining, is the unauthorized use of a person’s or organization’s computing resources to mine cryptocurrency.Ĭrypto-malware is a form of malware that enables a threat actor to carry out cryptojacking activity. Bitcoin is the most well-known cryptocurrency, though Monero is also becoming increasingly popular among cybercriminals.Ĭryptomining, or cryptocurrency mining, is the process of creating a unit of cryptocurrency wherein “miners” solve complex mathematical equations in order to validate data blocks and add transaction details to a blockchain. While cryptocurrency can be used for legitimate purposes, it is also the currency of choice among cybercriminals given its inability to be traced.
Unlike money, cryptocurrency is encrypted and decentralized, meaning it is unable to be modified and there is no central authority that manages it.
To understand what crypto-malware is and how it works, it is helpful to know what cryptocurrency is and how it is created.Ĭryptocurrency is a digital currency that can be traded online for goods and services based on blockchain technology. Cryptomining, Cryptojacking and Other Crypto-malware Terms Explained
Crypto-malware is a type of malicious software, or malware, designed to carry out long-term cryptojacking cyberattacks.
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