Definition of Cryptojacking
Crpytojacking is a type of cyber attack and malicious crypto mining process. The threat works by placing a dirty code on the targeted device and eliminating its resources for unauthorized cryptocurrency mining.
Cryptocurrency mining requires solving difficult arithmetic equations, a tedious and resource-consuming task. Sometimes, not enough resources are available for hackers. Therefore, they are planning a crypto theft attack, gaining access to the targets’ devices and networks and using them to solve the presented problems.
Upon success in solving the given equations, hackers are given cryptocurrencies that can be used to trade virtually, buy other cryptocurrencies, or exchange them for traditional money. The rise of cryptocurrency has led to an increase in crypto theft.
Depending on the hacker’s purpose, the cryptocurrency obtained through a cryptojacking attack can be used for trading or left in the liquidity pool. To understand the concept of cryptojacking more deeply, it is very important to know the two terms, cryptocurrency and crypto mining.
- Cryptocurrency Definition
Coincidingly invented in 2009, cryptocurrency is a well-encrypted digital currency with end-to-end transaction tracking. The use of Blockchain technology, which combines multiple computer programs and processing power, makes cryptocurrency trading and invention plausible.
The first cryptocurrency created was Bitcoin, and it is one of the highest valued cryptocurrencies. As of now, there are more than 2,500 cryptocurrencies. Some other completely famous cryptocurrencies are Zcash, Ethereum, and Monero.
- Crypto Mining Definition
Crytoming refers to the process of computing that makes cryptocurrency exchange possible. It is usually related to the addition of cryptocurrency transactions to the blockchain ledger and the review of information.
Cryptominer, we call the professionals who do this work. They are likely to be skilled enough to use powerful servers and high-end hardware. The Future of Cryptojacking
As long as the cryptocurrency has a huge market demand, crypto theft will be trending as it allows the threat actor to mine cryptocurrency without even having the necessary resources. It keeps the attack out of tension to pay for heavy hardware and build a powerful network system.
Cryptojacking relies entirely on the growth of the cryptocurrency industry. But the latter faces wrath because of this unwanted connection. The 2 factors that are most relevant due to this trend are:
- Strict law enforcement that makes things more difficult for the crypto world
- Coinhive Ban
These two factors caused very little moisture in crypto theft. Let us tell you how:
While cryptocurrency has come a long way, there are still a good number of countries that don’t support the use of cryptocurrencies. Even if it is legal in some regions, many restrictions guide its use. This is the main reason and blocking behind the limited acceptance of these digital currencies among people.
Coinhive is the largest site for crypto miners. But the site was shut down in 2019 because its code was badly abused and it became the target of a hacker. The incident caused limited accessibility of the cryptocurrency for a while.
How does it work?
Crypto theft, which is carried out in multiple stages, is a capable business. Here are the basic steps involved in a successful crypto theft attack:
- The attacker integrated the script for mining into a web page or an email
- As soon as the target clicks on the malicious code, the code is automatically loaded.
- The script program runs secretly in the background by controlling the targeted device.
- The desired resources are consumed according to the needs of the attacker.
- Attackers start mining using the resources of the targeted devices.
- As a primary step in crypto mining, hackers begin to crack complex algorithms.
- Once the algorithm is solved, the hacker can win the cryptocurrency.
The whole procedure is all about controlling a specific part of the device. this is very similar to a ransomware attack. The only difference is the visibility of the attack. While a ransomware is clearly visible, crypto theft attacks remain hidden and run from behind the screen.
This stealth nature of the attack makes it difficult to detect and fix at an early stage.
Cryptojacking Methods
Cryptojacking attacks hijack its victim using three main methods: file-based, browser-based, and cloud crypto theft. Each method has a different way of working and a different mode of action, which can be understood by paying attention to the text mentioned below.
- File-Based Cryptojacking
It involves downloading and executing a corrupted file. The file contains an infected script that spreads its impact to the IT ecosystem of the targeted system after a successful download. For the most part, emails are used to spread such files or links, which are malicious in nature.
Targets are tempted to download or open the file. As soon as this step is done, the script becomes active and starts mining. It works in secret without letting the target know of its existence.
- Browser-Based Cryptojacking
It is a direct and aggressive attack that affects the IT ecosystem of the targeted device directly from the browser.
It starts with creating a maliciously programmed script. Once the code is correctly generated by the malicious actor, it is embedded directly into multiple web pages of separate sites. The script is 100% automated and does not require any manual action.
As soon as the target visits the infected URL, the device automatically downloads the attached code and supports hackers in unintentionally stealing crypto.
Ads and outdated (or less secure) add-ons through third parties are common components that malicious actors generally use to hide scripts. Sometimes these attacks act wisely and embed their malicious code in a JavaScript library. With this, it becomes easier to execute a larger supply chain attack on the target(s).
- Cloud Encryption
This method is a favorite of intruders who are trying to access your basic resources on a large scale. Using the cloud encryption technique, they try to access the APIs that your organization uses to access the cloud platform and related services.
After that, hackers can consume CPU resources without any limitations. This leads to undesirable and excessive resource consumption and operational cost for the organization. FYI, this method allows the user to mine at a large level and faster without much hassle and effort.
Examples of real crypto theft
Although it hasn’t affected many to date, crypto theft is a real problem that affects businesses. It caused harm that man could not understand. Some of the world’s most notorious crypto theft attacks include:
In 2019, the prestigious Microsoft store identified 8 apps involved in crypto mining activities. The problematic part was that the resources used in the process belonged to the users who installed and used the application.
Although the apps have been removed, a lot of damage has been done. Despite the fact that these applications come through separate developers, there has been speculation that only one person or organization is strategically planning and executing this attack.
