McAfee’s Report Suggests Cryptocurrency Mining Will Rise In Q2 Despite Severe Rise In Cryptojacking

A Quarterly Threat Report released by McAfee states the cryptocurrency mining will continue rising in the second quarter of 2018 and there is no iota of doubt that the craze for digital currency will end anytime soon. The recent crash in cryptocurrency and falling prices do not prevent the miners who are continuing to generate financial gains with an understanding that the market will be bullish sooner than later.

McAfee’s Quarterly Threat Report claims that there has been a significant rise in cryptojacking in the second quarter of 2018. An average of 86 percent increase in knowing samples of cryptojacking is making several individuals and companies paying hefty power bills and getting their system infected with malware. As the miners are enthusiastic in mining the digital currencies, the hackers are similarly showing their enthusiasm in sending mining malware on thousands of computers, corporate organizations, government corporations etc. bringing down businesses and transactions to a halt.

The cryptocurrency mining malware became the talk of the town in 2017 after WannaCry malware hit thousands of computers all over the world and asked for paying hefty amounts. Even the National Security Agency (NSA) also suffered a tremendous leak. The report claims that after rising up around 400,000 in the fourth quarter of previous year, new cryptomining samples grew around 629 percent to over 2.9 million samples in the first quarter of 2018, as reported by Computer World.

In many cases, McAfee has observed that the malwares target specific groups instead of broad field potential victims. One malware strain targeted gamers on a Russian forum by portraying a “mod” that enticed the gamers to download the malicious software. Then the malware was used to utilize their computer resources for profit.

A PDF released by McAfee in its official site suggests that although the blockchain revolution is in full swing, the cybercriminals have found new angles including illegitimate cryptocurrency mining and theft leading to huge financial gains. Hence, McAfee’s report not only tries to elaborate the current threats against the users, it further asks not to join the current blockchain revolution without ensuring security.

[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. ]

Having over 11 years of experience in Journalism, Subhro has become fascinated by cryptocurrency over the last couple of years.

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