What is Cryptojacking? – All You Need to Know

As the crypto space continues to become popular, bad actors have created malware to steal computational power from entities and individuals through cryptojacking. In this article, we will explain everything you need to know about cryptojacking and how to minimize the chances of being attacked by perpetrators.

Cryptojacking Defined

Simply put, cryptojacking involves using someone else’s computer or smartphone without authorization to mine digital currencies. Instead of buying their own mining equipment, perpetrators install malware on someone else’s device without their knowledge and then use it to steal computing resources.

Since cryptojackers do not incur expenses associated with mining digital currencies, they attain an unfair edge over legit crypto miners who spend a lot of money on electricity and machines.

Unfortunately, many people do not realize they have been attacked because cryptojackers have made it difficult for their victims to detect the malware on their devices. However, if you start noticing that your device is slowing down and your electricity bill is increasing, you are likely under a cryptojacking attack.

So, what’s the motive behind cryptojacking? Most cryptojackers want to earn quick cash in a highly competitive crypto mining sector. Their goal is to mine some Biction without incurring any cost.

How do cryptojackers find their victims? One might ask. These cybercriminals usually access the devices of their targets through phishing emails, malicious links, and social engineering.

Cryptojacking Prevalence

Cryptojacking attacks were reported first in 2018. In the first quarter of that year, more than 4,000 Android devices were attacked, according to data from Fortune. That figure has significantly risen over the years. In 2023 alone, over 350 million cryptojacking attacks were recorded.

Meanwhile, research company SonicWall says the perpetrators of cryptojacking have shifted their target areas in recent months. Per the firm’s report, Asia, Europe, and North America are the most targeted locations by cryptojackers. Moreover, the report shows that devices running on Linux and Windows operating systems have become top targets.

How Cryptojacking Works

Cryptojacking has become rampant because it is easy to execute and is highly profitable. Perpetrators only need to write simple JavaScript code and sneak it into their victims’ devices as they surf the Internet.

Once the mining script is installed on your device, it runs in the background undetected.

Popular Examples of Cryptojacking Attacks

Microsoft

In 2019, The Microsoft Store discovered that eight apps were involved in illegal crypto mining activities. The JavaScript code in these apps was similar and used to mine privacy coin Monero.

Los Angeles Times

This American media company was targeted in 2018. At the time, Internet users who accessed the firm’s news platform saw their devices attacked and used to mine several Monero tokens.

Coinhive

Before closing shop in 2019, Coinhive enabled users to mine cryptocurrencies while browsing various websites. However, a few months into operation, the platform was attacked by cryptojackers who inserted a malicious mining code into users’ devices. The increased user complaints forced Coinhive to shut down.

Docker.com

In 2020, a cryptojacker attacked docker.com and illegally added a mining code to Docker images. Users who accessed affected images became victims of a cryptojacking attack, with the perpetrator using their devices’ power to mine cryptocurrencies worth $36,000.

How Do You Shield Yourself Against Cryptojacking?

Here is how you can avoid falling victim to cryptojacking attacks:

1. Update your devices regularly: New security updates can fix any existing vulnerability that cryptojackers are constantly looking for.

2. Download software from reliable sources: Avoid obtaining apps from third-party sources as they might contain malicious mining scripts that could become active after installation.

3. Do not visit suspicious websites: Platforms that host illegal movies or sports streams can be used to execute a cryptojacking attack. So avoid them.

4. Enable ad blockers: To avoid clicking on malicious ads while surfing the Internet, you can activate ad blockers.

5. Adopt a robust authentication process: By employing multiple user identification methods, you make it difficult for cryptojackers to access your devices.