“Rising Cryptocurrency Prices Fuel a 659% Surge in ‘Mining Heist’ Attacks by 2023”

"Rising Cryptocurrency Prices Fuel a 659% Surge in 'Mining Heist' Attacks by 2023"

"Rising Cryptocurrency Prices Fuel a 659% Surge in 'Mining Heist' Attacks by 2023"

According to the report from DL News, with the significant increase in cryptocurrency since last year, a network attack method called “Cryptojacking” has become popular. Cryptojacking refers to hackers hijacking the computing resources of victims’ computers without their consent or knowledge to mine cryptocurrencies. This method has become more profitable than before after the surge in the cryptocurrency market.

Ari Redbord, Global Head of Policy at TRM Labs, a blockchain intelligence company, told DL News that with the bull market and over $100 billion locked in decentralized finance (DeFi), “we are likely to see more attacks happening.”

In 2023, the amount lost in the cryptocurrency field due to hacker attacks was $1.7 billion, approximately half of the previous year. The main reasons were the decline in cryptocurrency prices and the decrease in liquidity in DeFi platforms. Despite the decrease in profits, the number of major hacker attacks in 2023 remained basically unchanged, with a total of 160 incidents.

The number of Cryptojacking attacks has surged. According to the annual Internet Threat Report by network security company SonicWall, there were a total of 1 billion Cryptojacking attacks in 2023, an increase of 659% compared to 2022. North America and Europe were particularly hard hit, with increases of 596% and 1,046% respectively.

According to SonicWall, Cryptojacking involves the installation of malicious software, and hackers usually spread it through phishing and compromised websites. It operates secretly on the victims’ computers, smartphones, or servers. Cryptojacking utilizes the processing power of victims’ devices for mining, resulting in a decrease in device performance and significant electricity bills due to the high energy consumption of cryptocurrency mining.

Furthermore, the cryptocurrencies mined through Cryptojacking cannot be distinguished from legitimate ones. Bobby Cornwell, Vice President of Strategy Partnerships and Enablement at SonicWall, stated in an interview with DL News in June last year that this makes it “almost impossible” to measure the amount of cryptocurrency generated by Cryptojackers.