Are cryptocurrency traders and enthusiasts every going to be able to escape the dark web of malware and malicious activity that still plagues the crypto industry?
Crypto-Jacking: Still a Common Problem
It was recently announced that malware has been slipped into Oracle by hackers, so they can grab Monero from unbeknownst users’ computers. This would basically be another form of crypto-jacking, which is a hacking method that has proven to be quite popular over the years.
The process involves a hacker (or hackers) taking over a user’s computer without their knowledge or consent. They then install malware that allows them to mine cryptocurrencies, usually Monero. The currency is long sought after by hackers due to, in part, its quasi-anonymous properties. From there, the hackers can earn a profit on the mining while the owner of the computer receives nothing, unless you count the high energy bills they’re stuck paying off each month.
The malware was discovered in Oracle servers by researchers at the cybersecurity firm Trend Micro. Hackers store it in certificate files, which is what keeps the malware hidden from public view. It also prevents the malware from being detected by antivirus software and firewalls.
From there, decoding tools are used to change the names of these certificate files and update them. Once this step is complete, the original files are deleted while new scripts are downloaded and enforced respectively.
While issues such as these can be huge problems for personal or individual users, they are even larger for the cryptocurrency arena in general. Many involved in the crypto space, from enthusiasts to experienced traders, have sought to make the crypto space much more legit, and problems like malware take the industry back several steps. Many ultimately become convinced that the crypto space isn’t safe enough to warrant trades or regular activity and conclude that cryptocurrencies cannot be trusted or used in the same way as fiat.
We Are Seeing This Everywhere
Among the recent cases of fraud to penetrate the crypto world are an exit scam that potentially took place in Poland. A cryptocurrency exchange shut down overnight without warning and took all its customers funds with it. The owner of that business later opened an entirely new business in a separate country within 24 hours, leaving many users working to uncover the mystery on their own.
In addition, digital wallet service company Gate Hub was recently the victim of a hack that saw nearly $10 million in assorted crypto funds disappear. Another form of malware has also made its way into the market. Going by the name “Black Squid,” the malware works similarly to the kind attacking Oracle servers, and overtakes one’s entire computer network to mine cryptocurrencies like Monero.