Introduction
Cryptocurrencies are often referred to as the next step of financial and economic evolution in the world. However, at present, the cryptocurrency structure is relatively nascent and still under development. Whenever a new technology is introduced to the public such as a newspaper and Telephone, people tend to garner massive reservations about its mainstream adoption.
Blockchain and cryptocurrencies are currently going through the same phase. Rather than banning a new technology out of legitimate or fabricated concerns, it is better to learn about issues like Cryptojacking.
What is Cryptocurrency?
Cryptocurrency is a blockchain product that allows users to send or receive a digitized form of money in a decentralized manner. Cryptocurrencies are not legal tender they are programmed currencies that are protected by cryptographic code. There are several types of cryptocurrencies based on their design, origin, functions, etc.
At present, there are thousands of cryptocurrencies in the world originating from around 1000 unique types of blockchains. Contrary to popular belief, cryptocurrencies are closer to commodities than stocks or securities.
Role of Cryptocurrencies in Decentralized Applications
Decentralized Applications or dApps are cryptocurrency programs that are based on blockchains or other cryptocurrency platforms. Decentralized applications can perform several tasks such as games, data processors, or any other software.
However, dApps allow developers to introduce built-in tokens for the functionality of the project. Rather than using legal tender or digital payment channels such as credit cards, users can make transactions on decentralized applications from anywhere in the world.
For example, Ethereum is an ideal blockchain for dApps and many dApps on the network have launched personalized tokens. With normal applications, users have to make online purchases using credit cards or other international or national banking networks.
However, with decentralized applications, users can make transactions without having to apply for registration or wait for transaction verification from any centralized regulators. Decentralized applications make use of Smart Contracts to carry about automated financial functions such as transactions, accounts, and user authentication.
What is Crypto Mining?
Crypto mining is a process that enables blockchains to verify transactions without any manual input or interference from centralized regulators. Traditionally, all digital financial transactions are performed under the supervision of Central Banks or any other state financial regulator.
However, with blockchain cryptocurrency transactions are automated and they require the services of miners for verification and minting of new tokens in the network. Mining is a process of solving the cryptographic signature for a transaction for verification of the nodes and adding it to the blockchain.
When a miner has verified a new transaction, a copy of this authenticated transaction is sent to all participants of the blockchain for recording. Miners perform mining by using computation power such as processers that are used to perform different functions on any operating system.
Mining computers require a considerable amount of processing strength as the number of blocks on a blockchain increases. Miners make profits by earning cryptocurrency rewards in the form of transaction fees offered by users. Furthermore, miners also gain some newly minted coins from the blockchain to reward their efforts.
What is Cryptojacking?
All the aforementioned information about the inner workings of cryptocurrency and blockchain will make it easy to understand this concept. Cryptojacking is a portmanteau of two words namely Cryptocurrency and hijacking.
As the name suggests, Cryptojacking is a type of digital assault conducted using malware that hijacks the digital resources of an operating system and uses it to mine cryptocurrencies. In this case, the real owner of the operating system device such as a mobile phone or a personal computer is unaware that they are under attack.
This malware allows hackers to use the computation power of the targeted OS to perform mining and earn cryptocurrencies as rewards. Hackers can either use the cryptocurrencies earned from Cryptojacking directly or put them in a lending pool.
Origin of Cryptojacking
The exact start of Cryptojacking malware is not verified. However, in 2019 a malware named Coinhive was used to perform Cryptojacking. However, the project was eventually diagnosed and cured by Cybersecurity organizations.
Hackers who initiated the Coinhive malware attack usually mined Monero and Zcash in bulk among other cryptocurrencies. It is important to note that Zcash and Monero are both privacy-based cryptocurrencies that are most favored by hackers and DeFi users.
Usually, Cryptojacking malware is invisible and they remain operational in an operating system for a long duration. During this time the owner of the device might be unable to detect or remove the malware using regular anti-virus software.
What is Cryptojacking Miner?
A Cryptojacking miner is a hacker who is willing to infiltrate the operating systems and digital devices of other people to steal computing power. It is visible from the crypto mining description above that crypto mining requires an ever-increasing amount of computational power.
Traditionally, miners purchase a lot of mining machines and have to think about expenses like electricity costs, maintenance, cooling down, recycling, employees, real estate, etc. It means that a mining farm requires a considerable amount of capital for setup.
However, Cryptojackers skip all the above requirements for setting up a crypto mining farm and use malware to hijack resources from others.
Cryptojacking is a black hat hacking practice because it infiltrates the operating system of a user without their knowledge or consent. Cryptojacking only serves the hackers by earning profits for them. Meanwhile, all the expenses for the mining are bear by the users who are suffering from this malware attack.
How does Cryptojacking Work?
Just like any other malware Cryptojacking virus also enters the computer, laptop, or mobile phone from unknown links or unverified URLs. There are many cases, where hackers can spike the system of a targeted host with malware by sending them spam emails or displaying clickbait advertisements.
As soon as the user clicks on the spiked link, the malware downloads on their system without their knowledge. Once the malware is active, it can start performing crypto mining operations by stealing operating power from the central system of the network.
Crypto mining needs to use the computation power of the processing unit present in a computer or operating system. The user is unable to see the malware application or open it. However, the app can keep working in the background and remain connected to the hacker’s digital wallet.
Rather than performing the tasks for the users, the OS starts to lag and prioritize Cryptojacking tasks due to the malware. In most cases, hackers design Cryptojacking malware in such a manner that they do not appear anywhere on the user interface and remain undetectable.
How to Spot Cryptojacking?
With naked eyes, it is almost impossible to detect a Cryptojacking malware attack. Therefore, every device user and mobile owner needs to know how to detect a Cryptojacking attack on their system.
Notice if your operating system has started to function faster than before. The sudden change in pace can signal that some unknown computer malware is acting in the background or it is under the influence of Cryptojacking malware.
An operating system that is under attack with malware can start to heat up very quickly on account of unusual activity. The users can go into the OS settings panel and check the total amount of RAM usage and compare it with their operational applications.
The battery of a device that is under malware attack can start to deplete at a very rapid pace. It happens because the device is overworked and uses its processing capabilities to full capacity.
The operating system that is spiked with Cryptojacking malware attacks can start to lag very frequently. The user can start to face issues in launching and using the usual applications and experience crashing, slowed response, and poor performance.
In some cases, the internet connection bill can also increase for the users who are using postpaid services. The users can detect a sudden increase in gigabytes on your bandwidth that does not match with your active applications.
The users can also experience an increase in electricity bills since they have to charge their devices more frequently than before.
Cryptojacking malware can cause a considerable amount of hardware damage to the infected device. Even legitimate cryptocurrency miners have to keep changing processing units such as graphic cards frequently because the overuse accelerates their depreciation rate by many folds.
How to Prevent Cryptojacking?
Thus far the readers have established Cryptojacking, its inner workings, and how it works. Now the best question to ask is how to prevent it. Many users might think that they have to toss out their old devices if they are inflicted with Cryptojacking malware.
However, everyone can protect their devices from such intrusions by using the following tips:
The biggest and most common entry point for Cryptojacking malware is websites and the internet. Therefore, the users should install screening protocols on their browsers. For computers and laptops, users can download free extensions for screening.
Many users might think that they do not need to worry about Cryptojacking because they don’t invest in cryptocurrencies. However, Cryptojacking malware can target any device regardless of its current usage.
One important way to prevent Cryptojacking is to turn off JavaScript while browsing. JS is one of the main tools that hackers use to gain access to alien devices. The downside of turning off JS is that the users would not be able to access the full functionality of several devices.
There are also many dedicated Cryptojacking blocking applications and extensions available online. It is best to only use verified and vetted prevention applications.
The last resort for a device owner to prevent or get rid of Cryptojacking malware is to consult a certified Cybersecurity firm. These firms can detect and remove all malware, and stolen data and might be able to apprehend the perpetrators.
Noteworthy Cryptojacking Events
Blockchain is a new technology and with every new technology, the mainstream market is flooded with new scams and traps.
Therefore, there have been several noteworthy Cryptojacking incidents reported and recorded thus far that have managed to devastate the biggest tech companies in the world. Here are some of the most astounding accounts of Cryptojacking incidents thus far:
Microsoft Exchange Server
Microsoft Exchange Server which is one of the leading software providers in the world was also attacked by Cryptojacking software. MES reported multiple entries of Zero-day vulnerabilities in 2021 which made way for the remote code execution.
Zero-day is a type of computer program that was under the possession of manufacturers to gain access to an operating system for repair purposes. However, in the hands of a hacker ZD can create entry points for malware and other malicious viruses. Meanwhile, Random Code Execution is a type of ACE or Arbitrary Code Execution protocol that hackers can use to execute any program they want on a hacked device.
The hackers were able to send Cryptojacking malware to many account holders and email users on the Microsoft server. The same malware managed to propagate around 250,000 servers affecting around 30 thousand organizations in the United States around the same time.
Furthermore, the same malware also affected 7 thousand of servers from the UK and spread to European Banking Authority, Chile’s Financial Commission, and the Norwegian Parliament. To prevent any attacks in the future Microsoft continued to send updates to their users till 2019.
Times Magazine Homicide
Times Magazine is one of the most popular publishers in the 20th Century. The official website of the Times Magazine page that was dedicated to homicide reports and updates was spiked with Cryptojacking malware. The attack was discovered in 2018, the malware was present in the form of a code and the users couldn’t detect it.
The crypto-jacking malware was created by Coinhive and it was created to mine the most popular privacy cryptocurrency Monero. The malware remained active for a while and only became visible when the performance of the affected devices experienced a sharp decline.
European Public Sector
Before the infamous Colonial Pipeline ransomware attack of 2021, hackers attempted a Water utility plant operating in Europe. The hackers were able to hijack the network and use it under the shadows before it was discovered by a cybersecurity firm called Radiflow.
The Whitehat hackers discovered and reported scripts from Cryptojacking malware. Like most hackers, the Water Utility hackers were also using the resource to mine Monero.
Political Aggregator
A website designed for gathering and measuring data concerning political changes in the world called PolitiFact was attacked by hackers. The website had a sizeable amount of online traffic as it had won the Pulitzer Prize. This attack was also instigated using the Coinhive type of malware.
The coding resources present on PolitiFact are websites that were used by malicious miners for undertaking the extensive calculation task for crypto mining. The design of the attack was such that when visitors were using the platform the hackers were able to mine Monero coins using their browsers.
The Most Notorious Cryptojacking Malware
Here is a list of the most ruthless Cryptojacking malware that every device owner and cryptocurrency trader should know about:
Prowli
This is a type of clustered cryptojacking bot that works as a digital pirating program. This type of attack can not only plunder one operating system but it is enough to devastate a massive commercial server as well.
This type of Cryptojacking malware is like a pandemic and it can manage to connect and hijack around 40,000 machines in one attack.
CoinHive
CoinHive often comes under fire for its connection and contribution to some of the biggest Cryptojacking attacks in the world. The company offers professional cryptocurrency mining services on the outside.
However, it has been connected with several incidents of Cryptojacking on multiple occasions. CoinHive eventually shut down in 2019 following backlash regarding its Cryptojacking and Trojan software.
MassMiner
MassMiner is another major Cryptojacking malware that operates by exploiting the vulnerabilities in a network. According to the Cybersecurity firm that detected this malware, it is present on different websites without the knowledge of the website owners.
When users visit these websites, they end up getting infected and start mining cryptocurrencies for hackers without their understanding.
Smominru
Smominru is a type of malware infection that has gained notoriety in recent years and has been around since 2017. It is the same botnet that affected millions of operating systems in 2017 including Microsoft. Smominru botnet’s version for Cryptojacking is WannaCry malware. The most common interception point for Smominru is the EternalBlue exploit.
Conclusion
Cryptojacking is an interesting extension of the blockchain world. The internet is always going to be filled with mysteries and many hackers inspire Cybersecurity companies to increase their defense systems. It is not a good idea to think about all cryptocurrencies and blockchains on account of some malware possibilities.
It is best to gain more knowledge about these technologies and create a better environment for secure and protected cryptocurrency trading platforms for personalized and commercial usage.
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