What is Cryptojacking & how to stop it?

We are enjoying one of the most connected and globalised communities that the world has ever known. It allows us to hop on discord servers with our friends on the other side of the world and even visit VR concerts with those friends without ever leaving the comfort of our homes. All this connectivity and convenience comes with a price.

Cybercrime has been at an all-time high since the conception of wireless internet. With the introduction of Web 3.0 and the blockchain industry, criminals with a knack for technology have become more encouraged to act out.  Cube Coin tweeted a list of the top crypto-related cybercrimes that internet users should watch out for. The final and most covert offence is known as Cryptojacking.

What is Cryptojacking?

Crypto mining is a legitimate process that is used to mine specific cryptocurrencies. These coins are then validated and released into circulation on their respective blockchains. The method of “mining” crypto coin is a reward for solving complex computational problems required to verify blocks of transactions on the blockchain. This entire process can be heavy regarding computation power and its associated energy consumption.

Cryptojacking is a cybercrime specific to the blockchain industry. The price of mining cryptocurrency is ever-increasing as it demands a lot of infrastructure and electricity to mine select cryptocurrencies successfully. Therefore, a new cybercrime has emerged with a specific goal in mind. Outsource the expense of mining cryptocurrency to an unknowing and non-consenting second party. The worst part of this network of unwitting crypto miners is that they have no idea that anything is wrong,

Cryptojackers hijack the unsuspecting Cryptojackers hijack the computers of mobile devices of their unsuspecting victims. Once they take over, they convert the desktops, servers, and cloud-based infrastructure into a remote crypto mine to collect illicit crypto coins. Once the takeover is implemented, the malicious code works silently in the background of the victim’s electronic software and goes almost entirely undetected.

Read further because, unless you know strictly what to look for, you may be unknowing assistance to an illegal crypto mining farm.

How does cryptojacking work?

Cryptojacking is a characteristically underground cybercrime. Simply put, once a victim’s computer is infected with a worm or other malicious malware, the unlawful hacker secretly uses their computer to mine cryptocurrency. The worst part is that the victim is left with an exorbitant bill at the end of the day.

Anyone who has ever opened a Gmail account knows that entering spam emails is a one-way road to infecting your computer with malicious malware. This is precisely what happens in the case of cryptojacking. All it takes is for someone to download an infected programme or an unknown email link or click on a site contaminated with the computer virus. The programme is called “coin miners” and is used to convert their victim’s devices, and any machines on their cloud account, into crypto mines.

The process is entirely digital due to the online nature of blockchain technology. “Monero” refers to the primary cryptocurrencies mined on personal computers.

What are standard Cryptojacking attack methods?

The act of earning cryptocurrencies from mining crypto coins involves an enormous amount of energy consumption. Cryptocurrency technology is designed to increase the required computation power to solve the complex problems used to validate transactions on the blockchain. That means the more successfully mined coins, the more difficult it is to mine the next coin successfully, Monero. This ensures an exponential energy demand for the crypto miner, which also causes an exponential increase in the cost of mining. This is where cryptojacking comes from. They want to benefit from owning cryptocurrency but don’t want to accept the energy or capital responsibility for mining the coins themselves. That’s why they prey on us. Cryptojackers use various techniques to trick unsuspecting victims into mining the cryptocurrency on their behalf … but without any reward.

These are some of the tactics Cryptojackers use:

1.      Endpoint attacks

This is the primary method that Cryptojackers use to take over their victim’s electronic devices. Although most cybercriminals have evolved past rudimentary phishing, it remains a core feature of any endpoint attack; it is still a widely used tactic in cryptojacking today.

This method used malware as an endpoint play that primarily wanted to make money. The objective was to use malware or other infectious computer viruses to take control of their target’s computers or laptops. This is done with phishing schemes, websites or web apps embedded with malicious code scripts. Once the device was infected, the cryptojackers could freely convert the device into a crypto mine.

The mining malware operates silently in the background. It does not store any data or code on the victim’s device and seamlessly sends the newly mined Monero back to the hacker’s central computer. This strategy is more profitable when the attack is conducted against an entire server or network instead of an individual.

2.      Software supply chain attacks

These are the big boys in the cryptojacking game. They target the software supply chain by embedding open-source code repositories. This code is embedded with malicious data that contain cryptojacking scrips in its code. The developers download mass amounts of data packets. This strategy can dramatically increase the scope of the cryptojacking infrastructure. It allows hackers to take over entire networks and cloud systems to convert them into crypto mines.

3.      Leveraging cloud infrastructure

One of the best advantages of this sort of cybercrime is the scalability of the crime. This is even more true when cloud infrastructure is targeted. By infiltrating the cloud, cryptojackers can tap into the vast data pool and potentially cross-contaminate between users. All this cloud space can be used for crypto mining.

The endless scalability of cryptojacking within the cloud network is desirable due to vulnerability across the cloud network’s millions of users. Despite the effort to scan for contaminated container APIs or unsecured cloud storage buckets, 84% of all the infected cloud space is attributed to cryptojacking.

How prevalent is cryptojacking?

Cryptojacking, while a rare occurrence less than a decade ago, in 2017, this cyber threat has become more of a threat. By 2018, most cryptocurrency forums warned against the danger of hijacking your device but cryptojackers.

Since that time, cyber hackers of all kinds have upped the ante by moving to hacking individuals and their devices and instead turned their attention to taking over entire servers and networks. This was how a small group of cryptojackers took the whole European water utility control system. There is a rumour that a group of Russian scientists hacked into a nuclear warhead and used its hardware to mine cryptocurrency. Whoever says cryptocurrency isn’t badass hasn’t heard of this story.

This cybercrime is still increasing and has continuously made headlines internationally, including in Japan in 2022. This becomes a semi-permanent threat in the cryptocurrency industry. The Malware Report has named cryptojacking one of the top threats to all Windows and mac devices. At the same time, it remains a low-damage threat to its victims while profiting off its victim’s hardware and energy. This still makes its victim more vulnerable to further cyber criminals.

How do I detect cryptojacking?

To prevent yourself from becoming a victim of cryptojacking, it is essential first to know how to detect if cryptojacking malware is present on your device. These are five indicators to look out for:

1. Your device’s performance dramatically slows down.
2. The productivity of your device is uncommonly low.
3. Your device may shut down due to low processing power.
4. Due to being overworked, your battery will be running hot.
5. Finally, your electric bill is going to make you cry (and not tears of joy)

What are examples of Cryptojacking attacks?

Cryptojacking doesn’t just affect individuals. These are three high-profile incidences of cryptojacking:

• The Microsoft Bug: in 2019, a group of developers introduced malware-infected apps into the Microsoft Store. Once customers typed in specific keywords in the Microsoft Store search bar. Once they downloaded the app, they would unknowingly be downloading malicious JavaScript that will secretly mine Monero on the unknowing user’s computers.
• Crypto takes over the Homicide Report page: in 2018, hackers embedded cryptojacking code within the Los Angeles Times Homicide Report page. The code would infect the devices of anyone who visited the page and would be entirely unaware of what their device was being used for.
• Hackers turned water into Crypto: in 2018, a few cryptojackers got arrogant enough to take on the entire network of a water utility control system in Europe. This hacking group seriously impeded the system operation ability of the utility plan. This was the first recorded incident of an industrial control plant.

How do I respond to a cryptojacking attack?

“Cryptojacking rises 30% to record highs” – @Cointelegraph

The rise in illegal crypto mining activity can mostly be blamed on the cryptojacking epidemic. If you find yourself in the unfortunate position of being the unknowing mine for a cryptojacker, these steps must be followed to remedy the situation ASAP.

• Block JavaScript – If the attack is from an in-browser JavaScript attack, combatting this attack is to block and close the URL.
• Destroy compromised containers and restart – This step involves tracking compromised cloud infrastructure. This includes contaminated data containers. Your best bet is to follow the compromised data container and start a new cloud account.
• API keys for the WIN – Generating a new API key is the final step in recovering cloud-based data after a cryptojacking attack on a fresh and uncontaminated device.
• Reset your device’s permissions – This is the next step following generating new API keys and ensures all access to your device is reduced.
• Learn to reduce your vulnerability next time – After any cyberattack, some due diligence is required. The device user should seek assistance with wiping their compromised device and educating themselves on how to avoid this sort of attack in the future. The more you know, the safer you are.

How do I protect myself against cryptojacking?

1. Get a good cybersecurity program to detect potential malware
2. Educate yourself on the latest cryptojacking trends
3. Make use of browser extensions that block cryptojacking (MinerBlock is an excellent protective extension)
4. Use ad blockers when browsing or downloading anything online
5. Disable JavaScript when browsing online
6. Block suspicious websites

What is the future of cryptojacking?

Cryptojacking ranks low on most people’s lists regarding daily concerns. Most people underestimate the harm of cybercrimes of this nature. The prevailing argument is that there is no harm to a crime that only leaches the victim’s computing power.

The actual risk to the victim comes from their non-consenting involvement in illicit activity, illegal crypto mining. With the ever-increasing energy and capital demands for mining cryptocurrencies, there is no reason to believe that the trend should decrease anytime soon. If anything, cryptojacking and its associated malware could be further used for data farming and crypto stealing. It makes its victims vulnerable to secondary hacking activity.

There has never been a more critical time to educate yourself about online threats and protect yourself against cyberattacks.