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Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

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Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

The crypto industry is fraught with different malicious actors preying on unsuspecting users, especially the cryptojacking attackers. Many hacks and exploits occur in the industry, targeting crypto firms and individual investors.

According to data, crypto scams and exploits in 2022 amounted to $10.3 million from January to June. This shows that the industry is not safe to operate without caution.

Apart from exploiting exchanges and networks, cybercriminals also target individuals through cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission.

In cryptojacking, the lousy actor will infect the computer with mining malware through the target’s loopholes in extensions and browsers. This tactic might seem unpopular, but recent reports have shown that it increased by 30% in 2022, even with the failing crypto market.

Cryptocurrency market trends upwards on the day chart | Source: Crypto Total Market Cap on TradingView.com

This report emerged from SonicWall mid-year cyber threat update. According to the cyber-security company’s report, the volume of these exploits increased by $66.7 million compared to its figure in the first half of 2021.

Factors Increasing Crypto Scams

According to the company report, one of the factors that contributed to the increase in cryptojacking was the Log4j vulnerability. This flaw was discovered in December 2021, affecting a Java-based logging utility in Apache’s open source library. With this vulnerability, hackers can quickly access a system remotely and attack their targets.

Another factor leading to this increase is that cryptojacking is easier to perpetrate. This method of attack is not risky compared to ransomware in that the victim must be involved so he can pay the ransom. In cryptojacking, the target will never know that the network or computer is under attack.

Cryptojacking And The Financial Sector

From this data, it’s evident that everyone operating in the financial sector is at risk. People are more aware of ransomware attacks and have devised means to prevent them or decrypt their files. Also, cryptojacking wasn’t that common in the financial sector. But now, criminals have changed their targets from other sectors.

A recent report shows that finance and retail are at risk of this trend. The finance sector recorded a 269% increase, while retail saw a 63% increase in cryptojacking. This figure shows that attackers are targeting the finance sector more than retail.

Cyber-security researchers claim cyptojacking was intense in quarter one of 2022 when crypto prices were standard. The activities only began to drop after the crypto market crashed. As the sector lost massively, the targeted profits plummeted, causing the hackers to reduce their operations.

But judging by past trends, the researchers revealed that the volume of cryptojacking in Q3 will reduce but increase by quarter four.

Featured image from Pixabay, chart from TradingView.com

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Crypto Investigator ZachXBT Exposes French NFT Theft

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Nft Portals Becoming Easy Prey For Crypto Scams
  • The two crooks that the crypto spy has identified and named as Mathys and Camile.
  • Among other hints, ZachXBT was able to use the Twitter accounts @Rxktv and @mtsgtb

The culprits of an NFT hacking scam that offered to animate NFTs including Bored Apes, Azuki, Sudoswap, and Doodles have been identified by cryptocurrency investigator ZachXBT. The two ruthless crooks are thought to have repeated their scam multiple times since December 2021, earning over $2.5M in profits.

Since late last year, ZachXBT has been leading an investigation into the theft of numerous NFTs, which has allowed him to identify two young guys who reside in Paris. The crypto spy identified the two as Mathys and Camile but did not give their surnames.

The end of the ZachXBT inquiry represents the culmination of extensive investigative work, which also involved studying photographic evidence and doing on-chain analysis. While the two thieves seem to have been skilled at gaining their victims’ faith, they were much less effective in hiding their locations.

ZachXBT was able to use their Twitter accounts @Rxktv and @mtsgtb among the various hints. Both accounts were removed from public view shortly after ZachXBT’s findings were publicly disclosed.

ZachXBT continued, “Hopefully shortly we will see some type of legal action done against Mathys and Camille for the financial harm they have caused to so many people,” after wrapping up his inquiry. A response on social media indicates that some type of action is possible.

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Iran Confirms Its First Cryptocurrency-Based Import Order

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Iran Confirms Its First Cryptocurrency-Based Import Order
  • Iran Imports goods worth $10 Million in Cryptocurrency.
  • Smart contracts and digital assets will be widely utilized in international trade.

According to recent reports, the Middle East country, Iran placed its first import order using cryptocurrencies, which includes products worth $10 million. Iran’s Ministry of Industry, Mine, and Trade granted the first formal order for importing goods into the nation by utilizing digital assets transactions. 

Deputy Minister, Alireza Peymanpak tweeted:

This week, the first official import order registration worth 10 million dollars was completed using cryptocurrency. By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.

Iran Welcomes Crypto

For more than a year, Iran has been debating whether to allow the use of cryptocurrency to pay for imports. In the previous year, the Central Bank of Iran (CBI) stated that banks and authorized currency exchangers could use cryptocurrencies extracted in Iran by authorized crypto miners to pay for imports.

Additionally, In 2019, the Iranian government authorized cryptocurrency mining as an industry. The government also granted nearly a thousand licenses for Bitcoin mining operations in January 2020.

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Tesla CEO Elon Musk Sells $6.9B Worth Shares Amid Twitter Storm

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Tesla Ceo Elon Musk Sells $6.9B Worth Shares Amid Twitter Storm