Kaspersky Lab: “Crypto Scams are Soaring”

While many crypto enthusiasts debate that wild fluctuations are the main industrial concerns, Kaspersky brings another case altogether. The lab is based in Moscow and has been a rich source of information regarding crypto crimes.

According to Kaspersky Lab, crypto jacking cases have risen by 400%. There have been a total of 13 million crypto jacking incidents in 2018.

The term Cryptojacking is used to describe malicious activities regarding cryptocurrency mining. More precisely, crypto jackers hijack the computers of crypto users and divert the funds to their own wallets. As a result, the attacks in the Middle East and Africa have risen fourfold in 2017.

In the report, Evgeny Lopatin, a security expert at Kaspersky Lab said that,

“The easier it is to distribute unlicensed software, the more incidents of malicious crypto-miner activities were detected. In short, an activity not generally perceived as especially dangerous, the downloading and installation of dubious software, underpins what is arguably the biggest cyber threat story of the year – malicious crypto-mining”

The fraudsters are using malware scripts to access people’s computers to mine cryptocurrencies. The malware runs quietly on a user’s PC, without the person knowing it is actually happening. After a while, the script can play havoc on a PC’s CPU power making the system run slowly, and sometimes even damaging the computer and overloading the processor.

Cryptocurrencies like Monero and ZCash have also been targetted. Monero(XMR) has become the favorite coin of criminals that are currently being targeted and jacked.

Link to the original news can be found here.

Another recent case of miners being targeted can be seen in how accessing one port can allow hackers access to the user’s wallet.

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