Is someone using your phone to mine cryptocurrency?
With bitcoin prices gaining momentum over the last years, it's obvious that everybody would want a piece of the cryptocurrency pie.
Another internet dangers. Joining classic favorites like adware and spyware comes a new, tricky threat called “cryptojacking,” which secretly uses your laptop or mobile device to mine cryptocurrency when you visit an infected site or when you download a infected file.
The problem with the mining of cryptocurrency like bitcoin is the amount of energy that goes into obtaining it. That’s when crypto-mining, otherwise known as ‘cryptojacking’, comes into picture.
Cryptojacking is the secret use of a computing device to mine cryptocurrency without authorization.
Cryptojacking occurs when an unauthorized third party uses the capabilities of a computer or other internet-connected device for the purpose of mining cryptocurrency Coins.
So instead of using their servers to run their own cryptocurrency mining operation, hackers use website servers and hijack the systems visiting those websites, to conduct mining operations remotely and more powerfull.
These sort of operations often lead to system hijacking and information theft.
According to Malwarebytes’ Cybercrime Tactics and Techniques report, crypto-miners soared 5000 percent in just the first three months of 2018.
The emergence of a multitude of new cryptocurrencies that can be mined by average computers has also contributed to the widespread abuse we are witnessing.
While bitcoin is the most targeted cryptocurrency, others such as Monero, ByteCoin, AEON,ETH and a whole host of other alternate currencies are being abused at an alarming rate.
India is second in the Asia-Pacific and Japan region and ninth globally as hackers create a highly-profitable, new revenue stream with crypto-mining, cyber security giant Symantec said in a recent statement.