Crypto-related scams increased suddenly after one year gap

Bitcoin price today
Bitcoin price today

Cryptocurrency’s recent surge in value has made cybercriminals sit up and take notice. According to a research by security firm Kaspersky, the number of miners, a dangerous application, increased from 187,746 in January to 200,045 in March, after a year or more of decline.

Miners are malicious programmes that are meant to use a computer’s resources to mine bitcoin invisibly. Hackers can take up to 70% to 80% of a computer’s processing power and use it to mine Bitcoin.

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As a result, a device’s performance may suffer, and it may even catch fire. Cryptojacking is a term used to describe scams that instal malware like this.

The miners’ exploited flaws can potentially be leveraged to steal data from devices. “Today, threat actors are running cryptojacking processes in the background at low thresholds to avoid being detected, or even as a cover-up for more significant attacks,” says the report. According to a research issued by Microsoft late last year, bad actors are using cryptojacking scripts as a decoy for more serious attacks, such as credential thefts,” said Rahul Tyagi, co-founder of Safe Security.

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According to Kaspersky, miners were met by 432,171 unique users in the first quarter of 2021, with the number of unique modifications to miners increasing by more than fourfold, from 3,815 to 16,934. Changes to a miner’s code to handle multiple currencies or devices are known as unique modifications.

Scams involving cryptocurrency were frequent in 2017 and 2018, but have decreased in the last year or two. The amount of computational power required for cryptomining, which is the process of creating new coins on the blockchain, is limited.

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