Hacks and scams aren’t new to the crypto-verse. Ill doers have shown no mercy despite the gruesome bear market. They have in fact adopted new and innovative ways to pocket easy money. One such method that seems to have taken the front stage in 2022 is cryptojacking. While the term isn’t as popular as other hacking methods, cryptojacking managed to secure a record high this year.
Also known as malicious mining, cryptojacking is the process of employing naive individuals’ devices like computers or smartphones to illegally mine cryptocurrency. The criminals here try to steal computing resources from victims that would further aid them in mining. With this, they would be eliminating the cost associated with the whole process of mining an asset.
Categorized as a cybercrime, it stays hidden from the victim. This crime quite often stays under the wraps and might go unnoticed by the victims. It should be noted that the software that carries out cryptojacking is formulated to help the criminals stay hidden.
Global cryptojacking volume is on the rise
Mining cryptocurrencies comes with increased benefits. The rewards that miners garner after the creation of a single block have lured many into the industry. However, setting up mining equipment the energy consumption of the same can burn a hole in one’s pocket. Therefore, the criminals behind cryptojacking try to leech off others’ devices.
A report by SonicWall highlights how the global cryptojacking volume surged by a whopping $66.7 million in the first half of 2022. This was considered to be a 30 percent surge from last year. In terms of monthly high, January accounted for $18.4 million.
As seen in the above image, the cryptojacking volume seemed to be depleting. While it experienced a downtrend, the month of May witnessed a fairly low volume. This could be due to the crypto market crash that the globe witnessed.
Furthermore, these criminals were targeting the retail as well as finance industries. The year-to-date percentage of cryptojacking targeting the retail industry was 63 percent. However, the attacks on the finance industry surged to a high of 29 percent.
Elaborating on the reason behind this surge, the report suggested,
“Unlike ransomware, which announces its presence and relies heavily on communication with victims, cryptojacking can succeed without the victim ever being aware of it. And for some cybercriminals feeling the heat, the lower risk is worth sacrificing a potentially higher payday.”