Cryptojacking Goes Mainstream

You have probably heard of carjacking, phone-jacking and maybe even internet-jacking, but have you seen the impact of the latest “jacking”; specifically, cryptojacking?  If you have been living under a rock and aren’t familiar with any of these concepts, then it would help to understand that the phase “jack” is a shortened version of the word “hijack” which essentially means to steal for a specific use. So, carjacking is taking someone else’s car for a ride, phone-jacking is using someone else’s account to pay for your calls, internet-jacking is surfing the web on some else’s dime and cryptojacking is leveraging someone else’s accounts for cryptomining.

Cryptojacking Not Just A Hollywood Fantasy

Back in 1999 Hollywood started the cyber currency theft movie train rolling with the launch of Entrapment, starring Sean Connery and Catherine Zeta-Jones. Here the theft of $8 billon was executed by planting a virus to skim fractions of cents off of every transaction.  Later movies take it much further, but nothing compares to real life when a common headline today extols the loss of $30 billion in cryptocurrency in a single “jack”

This is not a passing fad either.  According to a recent CSO Online article by Senior Editor Michael Nadeau:

“No one knows for certain how much cryptocurrency is mined through cryptojacking, but there’s no question that the practice is rampant. Browser-based cryptojacking is growing fast. Last November, Adguard reported a 31 percent growth rate for in-browser cryptojacking. Its research found 33,000 websites running crypto mining scripts. Adguard estimated that those site had a billion combined monthly visitors. This February, Bad Packets Report found 34,474 sites running Coinhive, the most popular JavaScript miner that is also used for legitimate crypto mining activity.”

 

Cryptojacking Scores $Billions

With increased frequency comes increased losses which in turn spawns increased interest in cyber criminals adding to the cryptojacking statistics. We’ve covered this subject in a previous blog titled “Preventing Malware Like PyroMine”, but even more significant recent cybercriminal successes bear identification:

Prevent Cryptojacking, Because You Can't Remediate Coin Loss 

Coin providers will need to put much stricter security regimes in place to prevent cryptojacking. Solebit’s SoleGATEuses deep inspection and analysis methods that can interpret and detect malicious code in real time and immediately block threats, preventing unwanted code affecting your coin vault. 

With SoleGATE every line of code is evaluated, making Sandbox evasion techniques ineffective and on average, the analysis time is between milliseconds up to a few seconds as opposed to Network Sandboxes typically taking 5-15 minutes to perform the same analysis.Bottom line is that your users will be much happier now that content is flowing faster throughout your organization and finance will be happier with the reduced expenses.

See for yourself what SoleGATE can do to deliver evasion proof security and ensure your coin vault is safe today. Register for a free trial today.

 

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