Detections of Crypto-Mining Malware Surge by 53% in Q4 2020

Overview

Crypto-mining malware detections have seen a significant surge of 53% quarter-on-quarter in the final three months of 2020, driven by the skyrocketing value of Bitcoin. As the price of Bitcoin climbs over $35,500, close to its all-time high, cyber-criminals are taking advantage of this trend to exploit other people’s computer resources for illegal mining activities, according to Avira.

The Rise of Crypto-Mining Malware

Crypto-mining, also known as crypto-jacking, gained popularity in 2017 and 2018 as a quick and easy way for cyber-criminals to monetize attacks without requiring user interaction. Many ransomware groups pivoted to crypto-mining due to its profitability. Avira has identified three main types of coin-mining malware: executable files, browser-based cryptocurrency miners, and advanced fileless miners.

The Impact of Coinhive

Coinhive, a browser-based cryptocurrency miner, was responsible for driving a previous spike in crypto-mining activity. By February 2018, it had affected 23% of global organizations. Coinhive was even found installed on government sites in the UK and US. Although Coinhive shut down in February 2019, the practice of crypto-mining is resurging alongside the rising value of digital currencies.

Monero: The Preferred Currency for Illegal Mining

Chris Sedgwick, security operations director at Sy4Security, stated that Monero is the preferred currency for crypto-mining malware due to its lower mining requirements compared to Bitcoin. Monero is favored by individuals engaging in illegal activities because transactions are untraceable, and the Blockchain is not transparent.

Conclusion

The surge in crypto-mining malware detections highlights the growing threat posed by cyber-criminals exploiting the rising value of cryptocurrencies. As Bitcoin continues to reach new highs, it is essential for organizations and individuals to prioritize cybersecurity measures to protect against these malicious attacks.