According to the research of a Japanese multinational cyber security and defense company, TrendMicro, there has been a 965% increase in hidden cryptocurrency mining.
Cryptocurrency Menace Amid Growth
Cryptocurrency is a nascent industry since its emergence in 2009. Nevertheless, the industry has seen wide acceptance and massive growth. This has made many to cast their future into it via investment, even though there are still speculations about how successful the digital currency would become in the future.
The growth of cryptocurrency world has equally made it a residence for scammers. The activities of scammers range from exchange hack, wallet hacking, fake ICO, Cryptocurrency ATM hacking among others. An estimate of $670 million was lost to cryptocurrency scam in the first quarter of 2018, according to Business Insider.
The trend of scams and its activities has made many lose their life savings, interest, and trust in cryptocurrency. This has equally become a militating factor to the institutional acceptance of cryptocurrency, as the Bitcoin ETF was rejected severally for its proximity to price manipulation.
The TrendMicro Revelation Of Mining Malware Skyrocketing Growth
The body of scammers has continued to harass the crypto space with new scheme developed to take advantage of the space every second.
The trend of cryptocurrency malware mining has increased by 956% to last year rate according to the research of TrendMicro.
The finding by the firm does not defy the obvious as portrayed in the media recently. There has been an increase in cryptocurrency mining malware attack to systems in the United Kingdom, Brazil, Vietnam among others.
The malware is attached to the system through a programmed link. The scheme devised by the scammers is very sophisticated, and experts claimed they are continually improving on these technologies.
Devices that the mining malware attacks include smartphones, desktops, and laptops. This makes a system to mine cryptocurrency without the consent of the of its owner. The procedure usually causes the system to operate slowly and consume more power.
The report of the firm stated that,
“In 2018, we also started detecting only cryptocurrency miner families that have outright malicious behaviours. Despite this distinction, we still saw 47 new cryptocurrency miner malware families. This indicates that different groups, rather than just an invested few, are mobilising to take advantage of stealthy means to mine cryptocurrency.”
The increasing trend shows cryptocurrency is not safe neither the ecosystem from scams and fraud, except scams and frauds are dealt with.