What is a Cryptojacking Scam? How to Detect and Avoid it

What is a Cryptojacking Scam? How to Detect and Avoid it

Cryptojacking uses malware to turn thousands of computers into cryptocurrency miners without the knowledge of the owners. In this article, LATOKEN experts will tell you how to protect yourself from it.

In brief

Cryptojacking scam is the malicious act of using someone else’s computer to mine cryptocurrency.

Device owners are usually tricked into downloading a script that gives attackers control over a computer’s resources. Cryptojacking is very common, and attacks are becoming more sophisticated.

From time to time, you can read stories about a company or government agency that has been hit by malware that prevents a network of computers from being used unless a ransom is paid to hackers, usually in hard-to-find cryptocurrency.

On the other hand, we don’t hear about cryptojacking scams very often … most likely because many people don’t even notice that it is happening.

Basically, cryptojacking hackers maliciously use someone’s computer or network of computers to secretly mine cryptocurrency, making money by using resources they don’t pay for. Then, multiply that by thousands, maybe much more. In other words, attackers are making big bucks.

How does cryptojacking work?

Mining software is installed on your device so that attackers can use it for cryptojacking. This often happens through phishing emails that trick users into downloading a file they think is safe but is actually malware designed to hijack your computer’s resources.

When your computer is infected, and an attacker successfully gains remote control of your device, you may notice that it is running slower than usual, or you hear the fan running more often and louder than usual. This is because mining is a resource-intensive activity and can affect your ability to use your computer to its fullest.

By the way, Monero (XMR), with its hard-to-track, privacy-focused algorithm and relative ease of mining (at least compared to Bitcoin), has become the most popular cryptojacking coin.

How common are cryptojacking scams?

Cryptojacking scams are widespread. Due to its deliberately hidden nature, it is impossible to have a clear idea of the global scale of cryptojacking.

For example, In August 2018, Citrix reported that 3 out of 10 businesses in the UK reported that they had been exposed to cryptojacking attacks within a month.

SonicWall reported that victims were attacked by cryptojacking scripts approximately 52.7 million times in the first half of 2019.

Attack methods evolve and adapt, so cryptojacking is unlikely to stop anytime soon.

What is the danger of cryptojacking scams?

Your computer or phone may be slow and unable to complete tasks at normal speed, while compromised servers may not be able to handle their normal functions when burdened with cryptocurrency mining malware.

Forcing your computer to run at high-performance levels at all times also consumes more power, potentially increasing your electricity bill, and can wear out your devices faster than usual.

In addition, if your computer has been compromised by cryptojacking malware, then it may be exposed and open to further, possibly even more serious, and destructive crypto scams.

How can you protect yourself from cryptojacking scams?

The most important thing you can do is make sure your computer or device is fully updated to the latest version. If you are using antivirus software, make sure it is updated regularly.

If your computer suddenly starts to run slowly, monitor CPU usage with operating system tools to try to identify malicious processes that could signal cryptojacking.

LATOKEN thinks about its users and does its best to save them from cryptojacking and other crypto scams.

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LATOKEN crypto exchange does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Like other assets, cryptocurrency is subject to market risk. Please do your own research and trade with caution.

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