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Hackers Are Stealing Computer Power to Make Millions in Cryptocurrency


Hackers steal computing power, in order to reduce the cost of generating cryptocurrency.

Groups of hackers steal millions of dollars by illicitly harnessing the computer power of thousands of people to mine cryptocurrency without them knowing.

Credit: gla.news

Groups of hackers are stealing millions of dollars using a technique called cryptojacking, which works by illicitly harnessing the computer power of thousands of people to mine cryptocurrency without them knowing.

Researchers at King's College London in the U.K. and Madrid's Carlos III University in Spain analyzed more than 4.4 million malware samples used for cryptojacking between 2007 and 2018, and concluded the method generated an estimated $57 million worldwide.

In addition, they found 58% of all illegally obtained cryptocurrency came from just 10 hacking campaigns.

The researchers also found an illicit trade in miners, where code for cryptojacking could be bought for as little as $35 on underground forums.

Cryptojacking malware generates a cryptocurrency called monero, which is preferred to other cryptocurrencies because it has privacy guarantees that make it easier to cash out.

From New Scientist
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Abstracts Copyright © 2019 SmithBucklin, Washington, DC, USA


 

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