Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

The crypto industry is fraught with different malicious actors preying on unsuspecting users, especially the cryptojacking attackers. Many hacks and exploits occur in the industry, targeting crypto firms and individual investors.

According to data, crypto scams and exploits in 2022 amounted to $10.3 million from January to June. This shows that the industry is not safe to operate without caution.

Apart from exploiting exchanges and networks, cybercriminals also target individuals through cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission.

In cryptojacking, the lousy actor will infect the computer with mining malware through the target’s loopholes in extensions and browsers. This tactic might seem unpopular, but recent reports have shown that it increased by 30% in 2022, even with the failing crypto market.

Cryptocurrency market trends upwards on the day chart | Source: Crypto Total Market Cap on TradingView.com

This report emerged from SonicWall mid-year cyber threat update. According to the cyber-security company’s report, the volume of these exploits increased by $66.7 million compared to its figure in the first half of 2021.

Factors Increasing Crypto Scams

According to the company report, one of the factors that contributed to the increase in cryptojacking was the Log4j vulnerability. This flaw was discovered in December 2021, affecting a Java-based logging utility in Apache’s open source library. With this vulnerability, hackers can quickly access a system remotely and attack their targets.

Another factor leading to this increase is that cryptojacking is easier to perpetrate. This method of attack is not risky compared to ransomware in that the victim must be involved so he can pay the ransom. In cryptojacking, the target will never know that the network or computer is under attack.

Cryptojacking And The Financial Sector

From this data, it’s evident that everyone operating in the financial sector is at risk. People are more aware of ransomware attacks and have devised means to prevent them or decrypt their files. Also, cryptojacking wasn’t that common in the financial sector. But now, criminals have changed their targets from other sectors.

A recent report shows that finance and retail are at risk of this trend. The finance sector recorded a 269% increase, while retail saw a 63% increase in cryptojacking. This figure shows that attackers are targeting the finance sector more than retail.

Cyber-security researchers claim cyptojacking was intense in quarter one of 2022 when crypto prices were standard. The activities only began to drop after the crypto market crashed. As the sector lost massively, the targeted profits plummeted, causing the hackers to reduce their operations.

But judging by past trends, the researchers revealed that the volume of cryptojacking in Q3 will reduce but increase by quarter four.

Featured image from Pixabay, chart from TradingView.com


Share post on

News

It’s the end of ‘fantasyland’ for Big Tech and its workers

After Big Tech grew in unprecedented and unchecked fashion for a decade, building ostentatious...

By Nicholas Raymond
News

Rare Case of Polio Prompts Alarm and an Urgent Investigation in New York

The scene in Rockland County on Friday morning might well have been from a...

By Nicholas Raymond
News

Opinion | I Was Wrong About Al Franken

During the height of the #MeToo movement in 2017, a woman named Leeann Tweeden...

By Nicholas Raymond
News

TA: Ethereum Stuck In Key Range, Why $1,480 Is The Key

Ethereum failed again to settle above the $1,620 zone against the US Dollar. ETH...

By Nicholas Raymond
News

China Adds Science Laboratory to Its Orbiting Space Station

BEIJING (AP) — China added a laboratory to its permanent orbiting space station Monday...

By Nicholas Raymond
News

American Track Athletes Showed Up. Did American Fans?

Kara Winger arrived at the track and field world championships as one of the...

By Nicholas Raymond
News

Accepting Bitcoin for your business just like Tesla: Report

Tesla temporarily embracing Bitcoin (BTC) as a method of payment for its products was...

By Nicholas Raymond
News

How Much Money Can You Save by Going Meatless Once a Week?

This story is part of Home Tips, CNET's collection of practical advice for getting...

By Nicholas Raymond

Latest Posts

Coupon

Under Armour Men’s UA Tech T-Shirt + JACHS NY Men’s Solid Stretch Twill Bleecker Shorts at Proozy: for $30

more Get up to 79% off a selection of men's polos from brands like...

By Alfred Keen
Coupon

Roku Ultra LT $55 Shipped

Head over to Walmart where they’re offering this Roku Ultra LT for a nice...

By Alfred Keen
Coupon

Webull Limited Offer: Get up to 12 free stocks w/ new funded account

more Open an account with Webull to get your 2 free fractional share stocks,...

By Alfred Keen
Coupon

Clothes Racks Up to 70% Off at Wayfair!

For a limited time – Wayfair has a great selection of clothes racks on...

By Alfred Keen
Coupon

Vicks Tissues ON SALE AT AMAZON!

Puffs is so soft, your nose knows the difference. Protect your nose from ordinary...

By Alfred Keen
Coupon

BOGO Free Cantina Crispy Chicken Tacos!

This post may contain affiliate links. Click to read our Disclosure Policy . Click...

By Alfred Keen
Coupon

Manscaped Summer Sale: 20% off sitewide

Manscaped takes 20% off everything sitewide as part of its Summer Sale. Plus, get...

By Alfred Keen
Coupon

Coach Outlet Wristlet $21 Shipped

Right now at Coach Outlet, there is a big clearance with many great deals....

By Alfred Keen