Cryptojacking, or more commonly known as malicious Cryptomining, is a threat (usually malware) that covertly infiltrates a computer or mobile computing device, exploiting its resources to mine for Cryptocurriencies while lowering your security. Cryptomining can be expensive and carries a heavy operational cost; however, if the threat actors can use your resources as their operational cost, their overhead drops considerably making Cryptojacking, and therefore, Cryptomining, worth the effort.

What are cryptocurrencies?

  1. Cryptocurrencies are digital forms of money that exist solely in the online environment without any physical presence.
  2. They were created as an alternative to traditional currencies, gaining popularity due to their forward-looking design, growth potential, and anonymity. It is noted that early adopters were threat actors looking to disguise their financial transactions from authorities.
  3. Bitcoin, one of the earliest and most successful cryptocurrencies, emerged in 2009, inspiring other similar digital currencies like Ethereum and Dogecoin.


How Cryptocurrencies work?

  1. Cryptocurrencies operate based on a complex encryption algorithms.
  2. They exist as encrypted decentralized monetary units, freely transferable between network participants/nodes.
  3. Unlike traditional currencies, cryptocurrencies lack backing from any specific government or bank. They are decentralized and managed across a network of millions of computers.
  4. The cryptocurrency database functions as a digital ledger, using encryption to control coin creation and verify fund transfers while maintaining complete anonymity for owners.


Cryptojacking Mechanism?

  1. Cryptojacking involves an attacker embedding themselves within a victim’s computer or mobile device.
  2. The attacker then utilizes the device’s resources (such as CPU power) to mine cryptocurrency without the user’s knowledge.
  3. The goal is to generate profits for the attacker, but at the expense of the victim’s device performance and overall network health and stability.


Cryptojacking Distribution Channels?

  1. Malicious cryptominers often infiltrate systems through:
    • Web Browser Downloads: Users unknowingly download cryptomining scripts while visiting compromised websites.
    • Rogue Mobile Apps: Some mobile apps secretly engage in cryptomining activities.


What is Cryptojacking Impact and Defense?

  1. Cryptojacking compromises various devices, including desktops, laptops, smartphones, and network servers.
  2. To protect against cryptojacking:
    • –Enable Multi-Factor Authentication (MFA) for added security.
    • –Stay vigilant and avoid suspicious downloads or apps.


Protect Yourself from Cryptojacking

Cryptocurrencies offer energizing possibilities. Cryptojacking poses a hidden threat that can impact both individual users and organizations. To learn more about how to securely protect yourself, contact ION Technology Group today at 1.856.719.1818 to schedule your appointment.

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