Crypto-Jacking on the Rise

As bitcoin soared to the $20,000 mark last year, cyber-criminals increasingly turned their attention to cryptocurrency users. ‘Cryto-jacking’ cases catapulted in 2017 as cryptocurrency prices rose, according to new research.

The sky-rocketing value of some cryptocurrencies in 2017 apparently prompted hackers to move away from tried and tested ransomware as a source of extortion and direct their attention towards crypto-jacking. Hacking incidents known as ‘crypto-jacking’ jumped 8,500 percent over the year, according to IT security firm Symantec.

Crypto-jacking involves hackers secretly commandeering a computer device to mine cryptocurrency that can then be sold on. According to Symantec, gains for cryptocurrencies like ethereum, ripple and bitcoin emboldened cyber-criminals to find alternate sources of revenue.

“With a low barrier of entry – only requiring a couple of lines of code to operate – cyber criminals are using coinminers to steal computer processing power and cloud CPU usage from consumers and enterprises to mine cryptocurrency,” Symantec’s 2018 internet security report reads.

The security company warns that corporate networks are in danger of shutdown because of the trend which can slow down devices, overheat batteries, and in some cases render computers unusable. Elsewhere in the world of cyber security, Symantec reported a 46 percent increase in ransomware variants, with China becoming the country of origin for 21 percent of attacks using Internet of Things devices.

Last year also saw ransomware demands decrease in value following oversaturation of the malicious software, which blocks access to a device until a ransom is paid. “The ransomware ‘market’ made a correction with fewer ransomware families and lower ransom demands –  signalling ransomware has become a commodity,” the security report reads. “Last year, the average ransom demand dropped to $522, less than half the average of the year prior.”

Transparent Exchanges are the Future of Bitcoin

Tax evasion and money laundering are not going to be accepted by Governments around the world and the true future of Cryptocurrency is not dependent on criminals and money launderers, some crypto houses like G-BiT have seen the writing on the wall and build a system that is compliant with international Anti Money Laundering and Tax Laws.

There is no doubt some CryptoCurrencies with fail, some will be scams, and some will live on to change the very nature of money and wealth, no wonder the old dudes are scared.

CryptoCurrencies is not about Tax Evasion or Money Laundering, real hardcore fundamental CryptoCurrency Exchanges like G-BiT have seriously tackled the Money Laundering and Tax issues, that’s why they have such a bright future. While the Establishment still wants you to be hit with heavy fees and delays sending money around the world the reality is that is legalized theft built in to the Banking Sector and is not a product of cost or reality, CryptoCurrencies have proven that!

Got questions on Bitcoin, Ethereum, Ripple or BitConnect? G-BiTX has the answers, the company has launched a channel on Telegram to help people navigate the world of CryptoCurrencies.

Join the Channel Now, Click Here

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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