Kaspersky Labs Estimated A Threat Of Over $10 Million using Cryptocurrency in 2017

Jul 13, 2018 at 11:20 Update Date :Jul 13, 2018 at 11:20 UTC

Researchers of the Kaspersky Lab have found that the WannaCry ransomware attack of 2017 was far from being the only con job criminals in the cyberspace had played on us. Securelist, the repository for research on cyber threats and crimes maintained by Kaspersky, claims that the hype of the Bitcoin (and other cryptocurrencies) mania had allowed the cyber conmen to take advantage of the unbelievable hikes in the pricing of GPUs to burn further holes into the pockets of gullible users.

Various methods were used by the criminals to dupe people and make the cash for themselves. One common technique was to use fraudulent lotteries as traps set in user browsers to execute malicious scripts and swindle the prey. This method largely needed participants to first download and then run number generators in order to participate.  The other modus operandi commonly involved in this brand of scheming is known as process-hollowing. For this method, the malicious software is disguised as being a part of a safe and legitimate software. The legitimate software is then used to breach the secure defenses of a computer system. This very model was used in the case of those involved in mining cryptocurrency. As the victim attempts to use a miner software, the process-hollowing technique makes sure that the legitimate codes are replaced by false, malicious codes. Even if the user tries to abort the process, the Windows OS merely reboots.

Kaspersky Lab data claims that these attacks increased manifold from 2016 to 2017 and just the last half of 2017 saw attacks worth about $7 million and more. Electroneum mining has been one of the major targets of these criminals. The criminals targeted both individual and organizational data, jeopardizing corporate networks and making inroads into the crypto mining platforms. These attacks can improve in terms of sophistication soon; by making use of modern algorithm like Proof-of-Space (PoS). The blockchain PoS is a massive data center that is decentralized. This nature of not being too traceable allows this algorithm to wreak a greater havoc. Users, of course, must remain wary of suspicious links so that they are not conned like this.

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