Cryptojacking Increased By 30% In The Latest Crypto Slump

Cryptojacking increased by 30% in the latest crypto slump and the industry is filled with different malicious actors that are preying on unsuspecting users so let’s read more about it today in our latest cryptocurrency news.

Most hacks and exploits occur in the crypto industry by targeting companies or individual investors and the latest reprots show that Cryptojacking increased by 30%.  according to the data, crypto scams and exploits in 2022 amounted to $10.3 million which shows that the industry is not safe and people need to operate with caution. Apart from exploiting exchanges and networks, cybercriminals are targeted invidiously via cryptojacking and by attacking someone’s computer resources and mine crypto without permission.

The malicious actors will infect the computer with mining malware via the target’s loopholes and browsers this tasting might even seem unpopular but reprots show that it increased by 30% in 2022 with the failing crypto market enhancing, the reports emerged from SonicWall mid-year cyber threat update and as per the reports, the volume of these exploits increased by $66.7 million comapred to the figure in the first half of 2021. according to the company’s reports, one of the main factors that contributed to the increase in crypto-jacking was the log4j vulnerability.

The flaw was discovered in 2021 and affected java-based logging utilities in the Apache open source library. With this vulnerability, hackers can access a system remotely and attack their targets. Another factor that led to the increase is that cryptojacking is really easy to perform. This method of attack is not risky compared to ransomware where the victim has to get involved and pay a ransom. In cryptojacking, the target will never even know that the network is under attack.

From the data, it is evident that everyone operating in the financial sector is at risk and people are more aware of these attacks so they devised means to rpevent them. Cryptojacking wasn’t that common in the financial sector but now criminals changed their targets. Reports show that finance and retail are at risk of the trend and the finance sector recorded a 269% increase while retail saw a 53% increase. The figure only shows that attackers are targeting the finance sector more than they are the retail one.

Cyber-security researchers claimed that cryptojacking was intense in the first quarter of this year when the crypto prices were standard. The activities started to drop once the market crashed which caused the hackers to reduce their operations. The researchers revealed that the volume of cryptojacking will also reduce but will increase by quarter four.