Illegal cryptocurrency mining nets over $50 million in a decade, according to analysts

2019-3-27 21:30

The cryptocurrency ecosystem has been a major target for cybercrime and illegal activities such as online theft and hacking. Cryptocurrency mining is essential for all coins, including Bitcoin [BTC] and Bitcoin Cash [BCH] and over the years, criminals have started to spot loopholes in the system to cash out digital currencies.

According to analysts Sergio Pastrana and Guillermo Suarez-Tangil, cyber crimes related to cryptocurrency mining generated more than $50 million over the past decade.

The pair of analysts examined over 4.4 million malware samples [about 1 million miners] over a period of twelve years stretching from 2007 to 2018. After the analysis, they found out that online fraudsters were able to make a profit of approximately $56 million, taking into account the cryptocurrencies that were mined and their prices at that particular time.

The fraudsters tracked down unsuspected users and hijacked their respective computing processing power to quietly mine cryptocurrencies on their behalf.

Cybercriminals also used another mode of injection, which was too complicated to be caught by a common user. In this method, a mining code would be hidden inside a legitimate program product. Once the product was booted up, the secret code on the user’s computer would begin mining and the rewards would be transferred to the fraudster’s wallet.

It was found that Monero [XMR] had suffered the most in terms of the criminal mining activities and online frauds as it was repeatedly attacked because of its inherent characteristic of being one of the most anonymous digital assets ever.

Moreover, the study further revealed that more than four percent of the entire XMR tokens in circulation were the result of illegal mining.

Pastrana and Suarez-Tangil stated,

“Monero changed its algorithms twice in 2018. In each change, about 73% and 90% of the campaigns ceased their operations.”

The post Illegal cryptocurrency mining nets over $50 million in a decade, according to analysts appeared first on AMBCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Global Cryptocurrency (GCC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0021938 (-100%)

cryptocurrency according illegal analysts mining nets decade

Источник: ambcrypto.com

cryptocurrency according → Результатов: 126


Фото:

India: All Eyes on Supreme Court as it Prepares to Give Verdict on Crypto Regulations

The Supreme Court of India is set to give its decision on the long-stretched cryptocurrency regulations case, reports Entrackr, March 25, 2019. According to the report, the country’s apex court will hear the case on March 29, 2019, which marks the end of the four-week deadline given to the government to establish crypto regulations. FingersRead More

2019-3-28 04:00


Cryptocurrency Regulation Among the Hot Seat Topics for 2019 G20 Summit to be held in Japan

This year’s G20 summit set to be held in Osaka, Japan will be the first to highlight cryptocurrencies among the main agendas. According to the information provided by Sankei’s news source, Japan led by its Prime minister, Abe Shinzo, will address digital asset economy from the point of regulation. This involves reviewing the laid regulations […]

2019-3-27 00:50


CredEarn Program By Cred Offers TrustToken Holders Of TrueUSD Stablecoin Up To 8% In Interest

CredEarn Program Offers Holders Of TrueUSD Stablecoin Up To 8% In Interest Holders of TrueUSD (TUSD), a stablecoin that is pegged to the U.S. dollar can invest the cryptocurrency with Cred, a crypto lender who has partnered with TrueUSD's developer, TrustToken to enable its investors to earn 8 percent in annualized returns, according to reports […]

2019-3-26 21:14


Фото:

New Research Reveals Most of Bitcoin Trading Considered to Be Highly Manipulated  

According to a report published by Bitwise Asset Management most bitcoin trading is highly manipulated by unregulated exchanges, as reported by CNBC on March 22, 2019. 95% Bitcoin Manipulation A review published by Bitwise is launching a wave of scrutiny over the legitimacy of the Bitcoin trading market as it reveals that most of theRead MoreRead More.

2019-3-25 14:00


Bitcoin Price: Key Technical Indicator Shows BTC Surging to $5,500

Throughout the past three months, the bitcoin price has flirted with the $4,200 resistance level, often struggling to maintain momentum above the key $4,000 mark. Several traders have demonstrated concerns over the extended period of stability demonstrated by bitcoin because, in late 2018, the cryptocurrency recorded a drop of around 50 percent following three months of stagnation in the $6,300 to $6,500 range.

2019-3-24 21:30


Фото:

US: Blockchain Being Tested to Track Unaccompanied Children

Blockchain technology is being tested by the U. S. Department of Health and Human Services (HHS) to track unaccompanied minors when they enter Federal custody. This according to a report by Meri Talk published March 21, 2019, Humanitarian Tech Blockchain technology’s immense malleability has enabled it to consistently find unique use-cases, whether it is in keepingRead MoreRead More.

2019-3-23 18:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Picasso’s Granddaughter: Our Family Will Continue Producing NFTs

Marina Picasso – granddaughter of the renowned painter and sculptor Pablo Picasso – said she and her son Florian will continue launching NFT collections depicting the artist’s work. The digital collectibles caused disputes among the family as some members did not agree with the initiative.

Golden Globe-Winner John Legend to Introduce NFT Platform for Musicians

The renowned singer, songwriter, and producer – John Legend – launched a non-fungible token (NFT) platform for musicians and entertainers. His partners in the initiative are Chris Lin – the man in charge of the digital music service KKBOX, Kevin Lin – Co-Founder of Twitch, and Matt Cheng – Founder of Cherubic Ventures.

GameStop to Launch a Blockchain-based NFT Marketplace

The American video game retailer – GameStop Corp. – partnered with Immutable X Pty Limited (a scaling solution for non-fungible tokens) to establish an NFT marketplace. As part of the deal, both parties created a $100 million fund.

Bitcoin Cash hard fork BCHA faces 51% attack

The recently forked BCHA chain is currently under attack by an anonymous miner that is attempting to force whatever is left of the chain into non-existence. The anonymous miner, known as voluntarisThe post Bitcoin Cash hard fork BCHA faces 51% attack appeared first on AMBCrypto.

Data clarifies why 2020 is a defining year for Bitcoin

The entire asset class is tied together. Whenever Bitcoin rises there is a certain inevitability of other altcoins rising along with it. It happened in 2017 and now it is happening in 2020. Over thThe post Data clarifies why 2020 is a defining year for Bitcoin appeared first on AMBCrypto.

Why we can't rule out Bitmex from the Bitcoin game just yet

For BitMEX, it hasn't been the best of years from a popularity perspective. First, it faced massive criticism during the March 13th crash, when traders lost money due to an alleged DDOS attack, andThe post Why we can't rule out Bitmex from the Bitcoin game just yet appeared first on AMBCrypto.