Cryptocurrency market has accelerated rapidly over the last few months. Many people have invested in Initial Coin Offerings (ICOs), day trading cryptocurrencies and are also holding them for long term profits. There are two main ways to store a cryptocurrency. First is to save it on a popular exchange like Coinbase. Second is to store it in a cryptocurrency software known as wallet.
Unfortunately, due to the influx of money into this industry, it has become a hot target for ransomware. One particular aspect that is being targeted is cryptocurrency mining. The realization that cryptocurrency market can actually be targeted began around the end of 2017, when security analysts while searching internet to remove ransomware found out ransomware campaigns where emails were filled with spam.
These emails used to contain the lure of free cryptocurrencies. Users downloaded attachments in order to get free cryptocurrencies and were in turn affected by malicious hidden malwares. These email campaigns are still running and have infected various mining networks and people are still struggling to remove ransomware.
So what makes cryptocurrency mining an attractive option for ransomware? The reason is the possibility of wider profits as well as the misuse of Blockchain and other cryptocurrency technologies that can make it virtually impossible to be caught.
However unlike previous instances when ransomware used to attack private and public entities and those cases were taken seriously by the security agencies, the cryptocurrency mining industry does not share the same confidence in the eyes of security agencies.
Moreover, it does not seem too dangerous in the beginning. Ransomware in privacy coins like Monero are able to generate a few cents from a single miner. Considering the fact there are thousands of Monero miners available, the net damage is too much greater. Most of the times, the owner of the miner figures out the theft too late and then tries in vain to remove ransomware.
If you are a cryptocurrency miner and are not receiving expected profits, then there is a chance that your miner might have been affected by a ransomware. Ask a security analyst to take a peek in your system for ransomware removal.