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The Monero (XMR) community has launched the Malware Response Workgroup website that aims to inform people about the dangers of cryptocurrency. Crypto-jacking, as well as, provide live support.
"We will not be able to eliminate malicious mining," according to Sept. 26 blog by Justin Ehrenhofer.
Mining malware lets fraudsters earn money by using people's computers or gadgets to harvest cryptocurrencies without their knowledge or consent. It's becoming clear that criminals are preferring to hijack cryptocurrencies because of the sophisticated methods that let them avoid detection. "Coin miner malware remains very active, total samples grew by 86% in Q2, with more than 2.5 million new files added to the malware database," according to Sept. 2018 report by McAfee Labs.
Malware can infect a user's browser by hiding itself on frequently-visited websites; install and run itself as software on infected hardware (known as crypto-jacking); or encrypt local files (making them inaccessible) after which a criminal will demand ransom in cryptocurrency. The latter is also known as ransomware, but new studies indicate that this approach is decreasing in popularity.
"We created resources that explain the basics of Monero and mining." We also have resources explaining and helping unwanted in-browser mining, system mining, and ransomware, "wrote Ehrenhofer on Monero's community blog. "The website is purposefully approachable to absolute newcomers so that anyone can understand, though it offers actionable information that novices and experts alike can follow."
At Sept. 2018 report by Cyber Threat Alliance (CTA) found that fraudsters overwhelmingly prefer to use mining malware with Monero (85%) followed by Bitcoin (BTC) at 8% and all other digital coins combining for 7%. While Bitcoin is pseudonymous, Monero is anonymous and untraceable.
Monero has one of the most robust privacy features of any digital coin and is arguable an unregulatable cryptocurrency. These technical advantages are what attracts criminals who can easily hijack a person or organization's computing hardware to mine Monero, Bitcoins and other cryptos without users.
XMR is the 10th-largest crypto by market capitalization ($ 1.9 billion) and currently trades at $ 116. Satis Group predicts that Monero will see the biggest price gains over the next 10 years among top cryptos.
Cyber founder Eli Dominitz, an IT security firm. "The Chinese, the North Koreans, the Iranians, the Russians, they're after all of us – corporations, individuals and governments," Dominitz told CNBC in Sept. 21 interview. "For a long time America waited.We were not proactive, they were smart, they've invested a lot of time and money in going after us and we've got to wake up. "
A Skybox Security report founder that cyber criminals are turning their focus towards cryptocurrencies because advanced methods let them easily steal computing power and electricity without anyone noticing. "Cryptominers in the first half of 2018. At the same time, ransomware – the darling of cybercriminals in years past – swapping market share with cryptominers While ransomware and the other malware families are still a concern, malicious cryptomining has become too attractive in terms of return on investment. "
Articles by Marvin Dumont:
Bitcoin And Monero Used To Launder $ 89M: Investigation
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Did Satoshi Nakamoto Cash Out 30,000 Bitcoins?
China's Baidu Developing Next-Gen 'XuperChain' Network
Google-Funded Veem Uses Bitcoin To Improve Int'l Payments
Goldman Sachs-Backed Circle Launches Stablecoin USDC
