Cryptojacking remains one of the most common online threats. The number of victims each quarter varies from 300 to 500 thousand. There is also the increase in NFT scams!
Cryptocurrency is a target of hackers using phishing, offering dubious cryptocurrency exchange platforms and engaging in cryptojacking to illegally mint cryptocurrency. Previously, mining was primarily a threat to general users, but today miners steal power from large corporations and critical infrastructure. Cryptojacking is a fairly new threat, which has emerged rapidly due to the impressive financial benefits of cryptocurrency mining. It is currently a major cyber security threat and internet users need to take it seriously!
Cryptojacking hit new records in 2020 with 81.9 million hits, up 28% from 64.1 million a year earlier. We wrote it in 2021 cryptocurrency attacks they now account for approximately 2.5% of malware issues in the enterprise, with approximately 10% of organizations reporting related security issues. Verified assume the actual incident rate is higher, as many of these attacks go unreported.
After the recent turmoil in the cryptocurrency market, it becomes necessary to analyze the cybersecurity side of the crypto landscape, a report by Atlas VPN shows that new cryptojacking software modifications used to hijack a computer and use it to exploit digital assets against the will of the user, increase by 3.8. times in the third quarter of 2022. Kaspersky detected as many as 153,000 new malware mining variants in the third quarter of the year. In the second quarter, the number of new cryptojacking variants stood at around 41,000 Kaspersky, noted in a recent report that ransomware trades and payments would be less dependent on Bitcoin as a transfer of value, due to increased regulation of assets digital and tracking technologies will force cybercriminals to abandon bitcoin and other methods.
However, the data also reveals that the number of cryptojacking victims hasn’t changed significantly. In fact, it has declined slightly. Analysts believe the scammers were trying to take advantage of the expected growth in the cryptocurrency market. However, forecasts fell short, the market failed to make new highs and thus their strategy failed to materialise.
There are several techniques that are comparable to the delivery methods of any other type of malware. One of the most common ways is to use malicious files impersonating pirated entertainment. Cyber criminals deliberately lure their victims by presenting them with movies, music, popular games and software to distribute dangerous cryptocurrency mining programs. They can distribute them via torrent links and specially crafted landing pages. While the above approach is mostly for consumer devices, there are different deployment strategies to send miners to more powerful enterprise equipment.
Cryptojacking is extremely attractive to cybercriminals: it does not require high technical skills and, unlike ransomware, offers a potential payout rate of 100%. Once compromised, the infected machine can immediately begin stealth mining regardless of its processing power or geographic location, even low-end systems are useful since it is the size of the compromised machine network, and therefore the power of total calculation that really matters.
There are more and more cryptocurrency-related threats such as fake hardware wallets, smart contract attacks, DeFi hacks, etc. In the race for cryptocurrency investment opportunities, cybercriminals will profit by manufacturing and selling malicious devices with backdoors, followed by social engineering campaigns and other methods to steal victims’ financial assets.
Since the beginning of 2022, cybercriminals have stolen $3 billion from DeFi protocols, with 125 crypto hacks in total. According to the latest DeFi data, 15 new smart contract scams are detected every hour. At this rate, 2022 will likely overtake 2021 as the biggest hacking year on record. The lack of state-of-the-art security for smart contracts leads to attacks on these platforms and, depending on how the business model works, the potential for a lot of money to be stolen.
Kaspersky warns of increase in NFT scams during the ongoing World Cup in Qatar. Scammers are likely to use techniques such as offering rewards for betting on live event matches, among other tricks. NFT scams likely revolve around the sale of products such as virtual sporting goods. Fraudsters can collect users’ personal information in exchange for fake virtual shirts or soccer balls.