The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Mining

Cryptojacking Cases Are Rising Globally, Why So And Should This Worry You?

Chinese Fake Loan App Racket Used Crypto, Apple, Google Questioned On Crypto Apps Review,
Share on FacebookShare on Twitter


According to the internet security company Kaspersky, cryptojacking is an act of mining cryptocurrency by hacking into someone else’s computer, smartphone, and other electronic devices. It is typically done by gaining unauthorised access to the host’s computer and using its resources to mine cryptocurrency without the host noticing it or before it is too late.

Since the Proof-of-Work consensus using coins like Bitcoin (BTC) requires extensive computational power to generate new coins and mining rigs consume heavy electricity besides their high cost and maintenance expenses, hackers use the cryptojacking method to mine Bitcoin and other Proof-of-Work cryptocurrencies using the host’s resources.

Researchers at the Kaspersky Labs further explain that cryptojacking can infect even Android devices even though phones have low processing power than computers. In this type of attack, hackers pool the processing power of a large number of phones to mine Proof-of-Work cryptocurrencies.

Exponential Rise In Cryptojacking Attacks In 2022

According to a report titled ‘2022 SonicWall Cyber Threat Report’ by cybersecurity firm SonicWall, cryptojacking attacks in the financial sector has risen by 269 per cent year to date, about five times more than the cyber attacks targeting the retail industry. 

The report noted that the finance industry has witnessed significantly higher cryptojacking incidences than any other sector. Overall, crypto-jacking cases went up by 30 per cent to 66.7 million in the first half of 2022, SonicWall said in the report.

“Despite a precipitous drop in the price of cryptocurrency, global cryptojacking volume rose to 66.7 million in the first half of 2022, up 30% over the first half of 2021. The number of attacks on the finance industry is five times greater than the second highest industry — retail, which used to be at the very bottom of the list,” the report noted.

What Is Cryptojacking Cases Rising?

crypto crime
Cryptojacking cases kept increasing, showing that such cases continue irrespective of price fluctuations

SonicWall researchers noted that despite a sharp drop in Bitcoin prices since January 2022, cryptojacking cases kept increasing, showing that such cases continue irrespective of price fluctuations. Moreover, changing careers is tough even for cybercriminals; hence, they continue to illegally mine Proof-of-Work cryptocurrencies like Bitcoin. The researchers also attributed the rise to the crackdown on ransomware attacks, making cryptojacking their preferred tool for illegal mining. Bitcoin prices fell by 74 per cent from its all-time high of $68,990 last year.

“After governments stepped up ransomware awareness and enforcement efforts, and ransomware attacks such as those against Colonial Pipeline and Kaseya led to high-profile busts, some ransomware operators have decided they’re ready for a quieter life,” the researchers noted.

In a ransomware-type attack, they said, the attacker has to announce their presence and demand ransom by way of communicating with the victim. But in cryptojacking, the entire attack relies on discretion and “without the victim ever being aware of it. And for some cybercriminals feeling the heat, the lower risk is worth sacrificing a potentially higher payday,” they said.

Current Cryptojacking Trends

Incidents of Attacks: SonicWall researchers observed that cryptojacking incidents rose by 30 per cent to 66.7 million attacks in the first half of 2022, compared to the same period in 2021. The researchers also spotted a trend wherein they observed that cryptojacking attack volumes were often higher in Q1 than in Q2, and it has been the case since SonicWall started tracking cryptojacking.

SonicWall researchers recorded 45.1 million cryptojacking attacks in Q1 2022, but by April, 2022, the incidents were down by half “from its peak, and in May, it was even lower, resulting in a second-quarter attack volume of just 21.6 million, less than half the amount seen in the preceding three months.”

“While falling cryptocurrency prices may have a lot to do with this, keep in mind that what we’re seeing follows a well-established pattern,” the researchers said.

Bitcoin
The price of Bitcoin (BTC) was $47,219.03, and on July 30, 2022, it fell to $23,797.00, as per Coinmarketcap data.

On January 1, 2022, the price of Bitcoin (BTC) was $47,219.03, and on July 30, 2022, it fell to $23,797.00, as per Coinmarketcap data.

Most Attacked Sectors: SonicWall researchers noticed that while the overall cryptojacking incidents increased, the previously most affected sectors like the government, healthcare and education, saw cryptojacking attack volumes dropped in the first half of 2022. 

“This represents a long-awaited reprieve for education customers, who have gone from seeing the most cryptojacking of any industry on our list, to seeing the least.”

While the cryptojacking cases rose by 269 per cent in the finance industry, the retail sector witnessed a 63 per cent rise.
 



Read More:Cryptojacking Cases Are Rising Globally, Why So And Should This Worry You?

Tags: Bitcoinbitcoin cryptoCasescrimecryptocrypto investmentsCryptocurrency crimes in IndiaCryptojackingCryptojacking Cases Are Rising GloballyCyber security hackingdigital currencyGloballyHcakinginvestmentsoutlookOutlook MoneyRisingscamsWhy So And Should This Worry You?worry
Previous Post

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

Next Post

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

Related Posts

Public weighs in on noise from bitcoin mining operation

Public weighs in on noise from bitcoin mining operation

by The Cryptos News
July 30, 2022
0

NIAGARA FALLS, N.Y. — Frank Peller couldn’t understand what was happening outside his home.“I thought it was a 747...

Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in

Chainalysis Report Says $2.2 Million in Crypto Has Been Sent to Pro-Russian Groups in

by The Cryptos News
July 29, 2022
0

According to a report stemming from the blockchain intelligence company Chainalysis, the firm identified 54 pro-Russian groups that have...

Prices of Ethereum’s original coin ETH soar as miners migrate ahead of Merge

Prices of Ethereum’s original coin ETH soar as miners migrate ahead of Merge

by The Cryptos News
July 29, 2022
0

Over the past two weeks Ethereum’s popular ETH coin jumped by nearly half as confidence builds over its hotly-anticipated...

This Company Is Buying More Bitcoin in This Crypto Crash — Should You Do the Same?

Win Streak May Continue For Malaysia Stock Market

by The Cryptos News
July 29, 2022
0

(RTTNews) - The Malaysia stock market has finished higher in back-to-back sessions, gathering almost 30 points or 2 percent...

Next Post
Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

July 30, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz