The Surge of Cryptojacking

Since March, there’s been quite the rollercoaster ride in the crypto world, with prices shooting up and cryptojacking following the trend faster than you can say “bitcoin”. New research from a cybersecurity expert reveals a staggering 163% increase in browser-based cryptojacking activity in just the second quarter of 2020. It seems those cyber-villains are back and ready to wreak havoc!

Back from the Brink: The Resurgence of Cryptojacking

Once upon a time, cryptojacking activity was nosediving after the infamous mining script maker, CoinHive, met its end in March 2019. The sudden closure of CoinHive, attributed to a steep 50% drop in the crypto mining game, sent shockwaves through the underground mining community. But don’t count out cryptojacking just yet—because in the wake of Bitcoin (BTC) and Monero (XMR) climbing their way back to the top, an old foe has resurfaced with a vengeance.

Coinciding Trends: Crypto Gains and Cybercrime

As Bitcoin and Monero values swelled recently, so too did the instances of cryptojacking. According to Symantec’s findings, these currencies are often targets of browser-based mining techniques—because let’s face it, who doesn’t want a piece of that pie? Cybercriminals have taken notice of the uptick in these cryptocurrencies, and they’re diving back into the mining game.

Miner Mayhem: How Cryptojacking Works

During an enlightening chat with Cointelegraph, Josh Lemos from BlackBerry shed light on the not-so-sophisticated techniques used by these crypto miners. Some methods are as straightforward as JavaScript lurking on a website, while others involve:

• Embedded miners hidden in spear-phishing emails.
• Supply chain attacks with dodgy miners snuck into Docker hub images.
• Malicious browser extensions that go undetected.

Could these miners be any sneakier?

The Future of Cryptojacking: Is it Sustainable?

While the current spate of attacks has raised eyebrows, a recent report from ZDNet suggests that this cryptojacking boom might be short-lived. In the past, many cyber-crime syndicates that dabbled in cryptojacking realized it was something like a flash in the pan: exciting at first, but ultimately unprofitable and a giant neon sign directing attention to their illegal activities.

“Most cybercrime groups who experimented with cryptojacking operations in the past usually dropped it weeks later.”

Sounds familiar? And with all that noise created by browser-based mining, it seems like a bad day at the office for cryptojackers who want to keep their operations under the radar.

Conclusion: Stay Vigilant

With the volatility of the crypto market and the unpredictable nature of cybercrime, it’s crucial for individuals and businesses alike to stay informed and vigilant. Whether it’s updating security measures or spotting suspicious activity, the more prepared we are, the more we can combat these cyber miscreants. After all, no one wants to discover they’ve unwittingly been a part of someone else’s cryptocurrency windfall.