A joint analysis report on the illegitimate mining of cryptocurrency by the hackers is released on September 19, 2018. The report revealed that the incidents of cyberattack have swelled up to 459 percent since 2017.
The drastic increase of intruders identified by Cyber Threat Alliance is mainly connected to a leak of the hacking tools named EternalBlue from the house of the National Security Agency. The group, which names itself Shadow Brokers, has frequently released tools from that breach.
Many may not know (as the buyers usually purchase digital currencies from the online exchanges) that the active cryptocurrencies like Bitcoin, Litecoin, Ethereum etc. are made through a process of solving mathematical equations. These complicated equations need significant computing power. When the cyber attackers make illegitimate entries in others’ computers and generate digital currencies, it surely generates free money for them and has all the chances of eroding the total value of the currencies by augmenting its supply, as reported by Bloomberg.
The illicit mining of cryptocurrencies like Bitcoin and Monero mainly including other digital currencies by exploiting a software flaw that is a big threat in the global crypto market. The leaked software EternalBlue gives the hackers ability to break in and pave its path to any Windows machine anywhere in the world.
The North Korean and Russian hackers have used it in massive attacks. The North Korean hackers used WannaCry ransomware to shut down the computers in Britain and dozens of nations and mainly hospitals and government organizations were hit. On the other hand, NotPetya ransomware was used by the Russian hackers to hack the systems including Denmark’s A.P. Moller-Maersk A/S, which led financial damage of billions of dollars.
The report released by Cyber Threat Alliance further claims that this rapid growth of illegal mining of cryptocurrency through malware has no signs of slowing down. If the previous year could be defined by the threat of ransomware, the present year can be said to be dominated by the illicit mining of digital currency.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]