According to a recent malware research from blockchain analysis firm Chainalysis, Cryptojacking accounted for 73 percent of the total value collected by malware associated addresses between 2017 and 2021.
Malware is software that is downloaded without the victim’s knowledge and then used to carry out nefarious activities on the victim’s device, such as a smartphone or PC. Information theft, denial-of-service (DDoS) assaults, and large-scale ad fraud are all examples of malware-powered crime.
Cryptojacking malware mines several cryptocurrencies using the victim’s computer resources, with the target asset of choice “typically Monero”, but Zcash (ZEC) and Ethereum (ETH) are also mined on a regular basis.
According to Chainalysis, determining the exact amount generated by this method is difficult because the funds are transferred from mempools to unknown mining addresses rather than “the victim’s wallet to a new wallet“ as is happens in other cases.
Despite the fact that Chainalysis is unable to provide a monetary estimate for the damage inflicted by Cryptojackers, it estimates that this malware type will account for about three-quarters of the overall value generated by crypto-malware.
According to Chainalysis:
“While most people focus on high-profile ransomware operations against large organizations and government agencies, cybercriminals are stealing millions of dollars in bitcoin from ordinary holders using less sophisticated types of software.”
Allow me to end this story by saying that stay “aware and alert” always. Keep your hard-earned money safe.
