There are many malicious actors operating in the cryptocurrency industry, including cryptojacking criminals. The industry is plagued with hacks, exploits, and attacks that are directed at crypto investors and firms.
Data shows that crypto-scams and exploits cost $10.3 million between January and June 2022. It is unsafe to be in this industry.
Cybercriminals not only exploit networks and exchanges, but also attack individuals with cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission.
In cryptojacking, the lousy actor will infect the computer with mining malware through the target’s loopholes in extensions and browsers. Although it might not be popular, recent reports show that this technique has seen a 30% increase in popularity despite the faltering crypto market.
SonicWall’s mid-year cyber threats update revealed this report. According to the cyber-security company’s report, the volume of these exploits increased by $66.7 million compared to its figure in the first half of 2021.
Increased Crypto Scams by Factors
The Log4j vulnerability was one of the contributing factors to cryptojacking, according to the report. This flaw was discovered in December 2021, affecting a Java-based logging utility in Apache’s open source library. This vulnerability allows hackers to quickly gain access remotely to systems and then attack targets.
Cryptojacking, which is much easier to commit, is another reason for this rise. Cryptojacking is less risky than ransomware, in that the victim has to be present so he can pay ransom. Cryptojacking is a method of hacking that makes it impossible for the victim to know the computer or network under attack.
Cryptojacking and The Financial Sector
From this data, it’s evident that everyone operating in the financial sector is at risk. Ransomware is more well-known and people have developed ways to decrypt or prevent these attacks. Also, cryptojacking wasn’t that common in the financial sector. Criminals now target other areas.
According to a recent study, both finance and retail face this risk. Cryptojacking increased by 269% in the finance sector, and 63% in retail. This indicates that cybercriminals are more interested in the finance industry than those who target retail.
According to cyber-security experts, cyptojacking was rampant in the first quarter of 2022 during a time when crypto currency prices were normal. Only after the collapse of the cryptocurrency market did these activities begin to decrease. The sector suffered massive losses, which led to the hacker’s decision to cut their activities.
The researchers found that there will be a decrease in cryptojacking during Q3, but an increase of quarter four, based on past trends.
Featured Image from Pixabay. Chart by TradingView.com