Currency Reverse: Why Catnip for Crypto Criminals | WeLiveSecurity

Everywhere you look today, the tide of protectionist sentiment is flowing. And it’s not just because of the recent slump in their prices. Bitcoin-like ‘things’ seem to have taken over a piece of crypto pie in the last few years, with ‘things’ like Bitcoin moving into household names over the course of a decade, all raising a team of new crypto millionaires. . Nowadays, it seems you are either inside or you are outside (and have fallen behind because of the crypto revolution and the gold rush).

Naturally, the fascination with all aspects of crypto and the (almost) gravity-enhancing value of many cryptocurrencies have not escaped the attention of criminals. After all, they always want to be where the money is – or in some cases, where it’s being made.

Let’s see how criminals hijack computing power to dig up new coins and how they make money with other people’s ‘crypto cash’.

A primer on cryptocurrency

In its simplest form, cryptocurrency is a form of currency that is protected by cryptography and uses a public blockchain laser to record transactions. Unlike conventional currencies, cryptocurrencies are not supported by the government (although there are) Something Exception) And the crypto sector is a matter of little regulatory oversight. Many people see crypto as an effective alternative to traditional asset classes like stocks and bonds and as a better store of value than fiat currency. In May 2021, some 220 million people Was supposed to own the global cryptocurrency.

Outside of Bitcoin, there is the grandfather of cryptocurrency Thousands more coins, Spring of New Project and others are dying fast every day. New coins and tokens are created through cryptocurrency, a computational and energy-intensive process where computers solve mathematical puzzles to verify the authenticity of transactions in blockchain. The owners of these rigs are then rewarded with new-minted crypto in exchange.

Professional

• Crypto proponents swear by its decentralized architecture, improved transaction speed, lower transaction costs, better privacy and (pseudo) identity.
• Other advantages, whether real or perceived, stem from the fact that crypto supplies are often limited and deficits usually raise prices. In fact, compare it to fiat money where governments can introduce a “money-printing press” and allow money to enter the economy almost arbitrarily.
• Also, there are no barriers to accessing cryptocurrencies, obviously unless you already have the right way – either to buy existing coins and hope for an increase in their value, or to set up a very powerful computer rig that can solve the number-crisis puzzle. My new coin. Ka-ching!
• The information once recorded in the blockchain is stored there forever and cannot be changed. This increases transparency and helps prevent fraud.
• Some countries are “crypto tax havens” and do not need to explain to the tax man how you collected your coins.
• You can use your crypto to pay for all kinds of services on the Internet – not just on the Dark Web.

Cons

• Since crypto prices fluctuate abnormally, “investing” in these assets is not for the faint of heart. In fact, you might argue that dubbing in crypto is a lot like gambling.
• The market value of a cryptocurrency is a function of supply versus demand, but unlike stocks, cryptocurrencies are not related to the underlying “real-life assets” such as the ownership shares of a company.
• As the number of available cryptocurrencies increases, so does the market value of individual currencies.
• Can’t wait to see what happens when all the coins are mined. It is not out of the question that a cryptocurrency can become the equivalent of a “baseball card” whose value is driven only by its limited availability.
• Individual coin mining is highly computing- and energy-intensive, which affects the environment and possibly your energy bill.

Criminals also want a share of the pie

Despite the perpetual and infamous volatility of cryptocurrencies, the value of most known currencies has risen over the past few years. This part of Crypto’s appeal is not lost on criminals. Add crypto relative anonymity to the mix, and it’s becoming clear why criminals are willing to spend their pockets on the edge.

To do this, they have two main options: illegal cryptocurrency mining and cryptocurrency theft.

(Rogue) cryptocurrency mining

As mentioned earlier, new coins are created using a process called cryptocurrency mining. This process requires significant computing power and can be very expensive. It depends on the graphics processing unit aka GPU (or increasingly even dedicated) ASIC Mining Hardware), Whichever one is more suitable for performing the calculations required for minting new coins than the central processing units (CPUs) in general.

With a shortage of semiconductor chips, crypto “prospecters” have conspired to increase demand for GPUs by rushing to build specialized rigs to capitalize on rising crypto prices, eventually sending their prices through the roof.

But these developments have also strengthened some of the pre-existing trends in cybercrime and increased the interest of many scammers and other cybercriminals who are keen to run a crypto wave without investing their own money in custom hardware. Get into cryptojacking, a practice where your computing resources are hijacked in Mine Crypto for someone else.

Of course, this type of malicious cryptocurrency is far from new. Even today, however, it is a threat, even to those who do not own specialized hardware racks where they have a significant amount of crypto mines. One risk is being exposed to campaigns that are bundled with malicious miners, for example, duplicate copies of legitimate software or which may require you to click on links to download seemingly genuine software updates.

Another threat is the fraudulent offer of some of your computing power for cryptocurrency in exchange for a piece of newly created currency. Such rich-quick schemes are one of the many flavors of cryptocurrency scams that are circulating, especially on social media.

Source: Instagram

Theft

Cryptocurrencies are stored in so-called wallets (aka crypto wallets) and it is not surprising that criminals are constantly coming up with new ways to get their hands on wallets.

In fact, you can store your crypto in two ways – either using hot or cold wallet storage. Cold wallets are a USB stick-sized physical device that is kept offline and generally provides better protection for holding your digital currency.

Hot wallets, meanwhile, are connected to the Internet, either on the user’s device or on the service provider’s server. Both become crosshairs of attackers as they distribute fake apps disguised as legitimate wallet apps and attract their attention. Cryptocurrency trading exchange.

But there is no cold wallet 100% safeAfter all, they need to be connected to the PC at least once to transfer coins. Also, Research has already shown Even this wallet can be hacked. There is also a possibility that the perpetrators may have installed malware on the victims’ computers which interferes with these transmissions and keys, although I am not aware of any such incidents in real life.

Stealing or losing a physical wallet is reasonably much more risky. If unauthorized people get their hands on a wallet that is “secure” with an easily guessable pin code, your crypto could be gone forever.

Off

One hundred years ago, paying with plastic cards or phones seemed unthinkable – now it’s part of our daily lives. The world of money is constantly evolving and one wonders whether cryptocurrencies are the future of money. This is a must have, for any Affiliate, promoting any program.

Whether you believe it will be the beginning or the end (again) for Bitcoin and its peers, you need to be aware of the cyber security aspect. The growing popularity of cryptocurrencies has had an impact on the threat landscape, and you can bet your last currency that cybercriminals will continue to dig for opportunities to line their pockets.