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In the world of cybersecurity, a new and sneaky threat has appeared called cryptojacking. This hidden practice steals the computing power of unaware victims to mine cryptocurrencies like Bitcoin, Ethereum, and Monero. However, if you don’t know much about cryptojacking and how it works, don’t worry! 

This beginner’s guide will explain everything. We’ll look into how cryptojacking works, how to detect it, its legal consequences, real-world examples, and ways to protect yourself from it.

What is Cryptojacking

Cryptojacking is a type of cyberattack where someone uses your computer, smartphone, or other devices without your permission to mine cryptocurrency. Cryptocurrencies like Bitcoin and Ethereum require a lot of computing power to produce, and cryptojackers take advantage of other people’s devices to do the heavy lifting for them.

How Does Cryptojacking Work?

Here’s a simple step-by-step explanation of how cryptojacking works:

Infection: 

Cryptojackers infect your device with malicious software (malware). This can happen in a few ways:

• Phishing emails: You might receive an email that looks legitimate but contains a link or attachment that, when clicked, installs the cryptojacking malware on your device.
• Infected websites: Sometimes, just visiting a website can trigger a cryptojacking script that runs in your browser and starts using your computer’s resources.

Mining: 

Once the malware is on your device, it starts mining cryptocurrency. Mining is the process of solving complex mathematical problems to validate transactions on the cryptocurrency network. This process requires a lot of computing power.

Profit: 

The mined cryptocurrency goes to the cryptojacker, not you. They profit from the resources your device provides, while you might notice your device running slower than usual or your battery draining quickly.

Cryptojacking Attack: A Stealthy Threat

Unlike obvious cyberattacks like ransomware or data breaches, cryptojacking works quietly and is often hard to detect until it causes a lot of damage. Because it is sneaky, cryptojacking is a popular choice for cybercriminals for several reasons:

• Low Risk, High Reward: Cryptojacking poses minimal risk of detection and legal repercussions compared to other cybercrimes. This makes it an attractive option for hackers seeking lucrative gains.
• Ease of Execution: Setting up a cryptojacking operation requires minimal technical expertise, with pre-made scripts and exploit kits readily available on the dark web.
• Passive Income: Once hackers install cryptojacking scripts, they can make money all the time without doing any more work, like a digital money-making machine that runs 24/7 on its own.

How to Detect Cryptojacking?

Detecting cryptojacking requires a keen eye and proactive measures. Here are some telltale signs and detection methods to safeguard against cryptojacking:

• Unexplained Performance Issues: Keep an eye out for sudden declines in device performance, such as sluggishness or increased system crashes, which may indicate cryptojacking activity.
• Increased CPU Usage: Monitor your device’s CPU usage, particularly during idle periods. A significant spike in CPU activity, disproportionate to your usual usage patterns, could signal the presence of cryptojacking malware.

Real-world Examples of Cryptojacking

1. The Coinhive Incident

One of the most famous examples of cryptojacking involved a service called Coinhive. Coinhive provided a JavaScript-based cryptocurrency miner that websites could embed to use visitors’ computing power to mine Monero. While the service was originally intended for legitimate use, many websites began using it without informing their users, effectively hijacking their computing resources. The script was found on thousands of websites, including high-traffic ones like government portals and popular news sites, leading to significant public outcry and eventual shutdown of Coinhive in March 2019.

2. The YouTube Ad Attack

In early 2018, it was discovered that some advertisements displayed on YouTube were running cryptojacking scripts. The attackers used Google’s DoubleClick ad platform to serve malicious ads that included Coinhive code. When users viewed these ads, the script would run in their browsers and use their CPU power to mine cryptocurrency. This incident highlighted the potential for cryptojacking scripts to be hidden in unexpected places, such as online advertisements.

3. Browser Extensions and Cryptojacking

Several popular browser extensions have been found to engage in cryptojacking. For example, in 2018, a Chrome extension called Archive Poster, used by Tumblr users to manage their blogs, was discovered to be secretly mining cryptocurrency. The extension had over 100,000 users who were unknowingly contributing their computing power to mine Monero for the attackers.

4. Android Malware Cryptojacking

In 2017, a type of malware called “Loapi” was discovered on Android devices. Loapi was capable of multiple malicious activities, including cryptojacking. The malware was distributed through malicious ads and fake antivirus apps. Once installed, it would use the phone’s processing power to mine cryptocurrency. It often causes the device to overheat and, in some cases, even physically damage the phone’s battery due to excessive strain.

Tips to Protect Yourself from Cryptojacking

Cryptojacking is a serious threat, so it’s important to protect yourself. Here are some simple steps you can take to stay safe:

• Use Security Software: Make sure you have reliable antivirus or anti-malware software installed on your devices. These programs can help detect and block cryptojacking threats.
• Keep Software Updated: Always keep your operating system, browsers, and other software up to date. Updates often include security patches that protect against new types of malware.
• Be Cautious with Emails: Don’t open emails from unknown senders, and be careful about clicking links or downloading attachments.
• Use Browser Extensions: There are browser extensions available, like NoCoin or MinerBlock, which can block cryptojacking scripts on websites.
• Monitor Your Device’s Performance: If your device is suddenly running slower than usual, getting very hot, or the battery is draining quickly, it might be worth checking for cryptojacking malware.

Final Thoughts:

In short, cryptojacking is a serious cybersecurity threat where hackers secretly use your computer to make money. By learning how cryptojacking works, using tools to spot it early, and strengthening your online security, you can protect yourself from this sneaky crime. Always stay informed, stay watchful, and keep your defenses strong to avoid becoming a victim of cryptojacking.

FAQs

• What is meant by cryptojacking?

Cryptojacking is when hackers secretly use your computer or device to mine cryptocurrency without your permission. They do this by running hidden software on your device that uses its processing power.

• Is crypto jacking illegal?

Yes, cryptojacking is illegal. It involves using someone’s device and electricity without their consent, which is a form of theft and unauthorized access.

• What is the difference between ransomware and cryptojacking?

Ransomware and cryptojacking are both types of cyber attacks, but they work differently:

• Ransomware locks your files or device and demands money (a ransom) to unlock them.
• Cryptojacking secretly uses your device’s power to mine cryptocurrency, often slowing it down but not locking you out.

• What are the benefits of cryptojacking?

For hackers, the benefits of cryptojacking are:

• Profit: They can earn cryptocurrency without spending their own money on expensive hardware and electricity.
• Stealth: It’s often hard to detect, so they can keep using your device for a long time.