Tuesday, June 25, 2019

Monero Launches Initiative to Curb Cryptojacking

In a swift response to the growing rate of malware and illegal mining of the Monero altcoin (XMR), the Monero community has announced the launch of a new website that has been specially set up to educate users on cyber-crimes.

Following NSA’s accidental release of the shocking statistics exposing the explosive rate at which perpetrators continue to exploit the cryptocurrency’s main features, one would expect the NSA to come sooner to the aid of uninformed users rather Monero. However, Monero has stepped up to the challenge.

The Monero coin became increasingly popular among crypto traders due to its unique features of privacy and ease of mining. Those features, however, are the main attractions to bad actors who continue to use the coin in malware.

The director of the recently created Malware Response Workgroup, Justin Ehrenhofer explained the dilemma:

“Attackers like Monero for two reasons: 1) it is private, so they do not need to worry about companies and law enforcement tracing what they do with the Monero after they mine it, and 2) Monero uses a Proof of Work (PoW) algorithm that is CPU and GPU-friendly; thus, the infected machines are competitive. These two components are increasingly distinguishing factors for why attackers choose to mine Monero over other cryptocurrencies.”

It was recently reported that Monero developers managed to avert a drastic disaster by fixing a patch bug that would have resulted in the loss of millions of dollars. While Monero is understandably not the only digital token targeted for malware and ransomware, the XMR, however, stands out for its privacy features.

Cryptojacking and the “Play” of Scripts

Monero is relatively easy to mine, and it has become an alternative source of revenue for websites on the internet other than advertisements. Slate.com recently added the option on their website where users are given the choice of ads or leasing their computer resources for crypto mining instead. However, not all websites are this kind.

Scripts embedded in vulnerable web pages by perpetrators ensure bad actors can now mine digital currencies illegally without consent from the visitors or even the webmaster. The illegal act, dubbed “crypto jacking,” has increased by an outrageous 459% in 2018.

Malware Response Group

Monero’s new Malware Response website has been created to reduce the rate of these illegal acts as the group aims to inform uninformed users, so they are no longer vulnerable to these continuous attacks.

The new website is set to inform and teach visitors how to prevent, detect, and remove malware, so they no longer become victims.

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