One disadvantage that has always marred the crypto industry is the issue of scams and malicious players in the sector. Even though the market has seen a boost overall this year, it has not come without the usual issues of scammers and pyramid schemes/scams.
The latest report making the rounds now is that some malicious players are presently making use of malware to commit illegal and criminal acts. According to the details of the reports, the hackers have been using a malware that is used for cryptojacking as a front to carry out various hardcore hack attacks. The modus operandi was discovered and published by software firm Microsoft.
Hackers generate more income from hack attacks more than cryptojacking
In a report that was compiled by the tech intelligence department team at Microsoft, the hackers are now using a new cryptojacking attack as a front to commit more invasive hack attacks, including theft of credentials and sensitive materials.
The report was filed based on the activities of a particular malicious group known as BISMUTH. The report noted that the group has carried out various attacks globally, including targeting several entities linked to French and Vietnamese governments in the past few weeks. It is to be noted that most of the cryptojacking that is done is always used to amass a lot of processing powers to mine several digital assets.
Meanwhile, the report has said that cryptojacking generates minimal income for the malicious actors compared to the amount they get when they steal essential and sensitive materials from government systems across the globe. BISMUTH has always been able to use a cryptojacking material that is used to mine Monero.
Notably, Monero is a privacy coin that has received widespread rejection globally because of its use by malicious actors for illegalities. According to the researchers of the report, the script used is more tedious and complicated than the ones that are always deployed for mere mining.
BISMUTH deployed a sophisticated method of cryptojacking
Another part of the report buttressed on a seemingly surprising was that the hackers make little or no efforts to cover their tracks when carrying out the attacks. In the report, BISMUTH’s strategy involved “hiding a very serious hack attack behind a less serious one that is seen as less alarming and less harmful.”
According to Microsoft, these attacks are synonymous with the group’s modus operandi as they always preferred to hide in plain sight. In its conclusion, Microsoft has warned various organizations to be very careful and vigilant if they discover these types of less threatening attacks.
It also said that firms and investments should ensure that they prevent attacks like these by using all means necessary. Monero cryptojacking is said to be on the rise as it has been deployed across various parts of the globe in the wake of the coronavirus pandemic.
These malicious actors have infected systems worldwide, making most of them divert their processing powers to mine crypto. Interestingly, BISMUTH has managed to create a very sophisticated method of carrying out its attacks. This new development will be the nightmares of different organizations that are safeguarding state secrets. With this, investments are advised to enlist various cybersecurity outfits to avoid hacks like this.