The latest report shows that cryptojacking increased by 30% during the crypto downturn

The latest report shows that cryptojacking increased by 30% during the crypto downturn
The latest report shows that cryptojacking increased by 30% during the crypto downturn

The crypto industry is full of various malicious actors who prey on unsuspecting users, especially the cryptojacking attackers. Many hacks and exploits occur in the industry, targeting crypto firms and individual investors.

According to data, crypto scams and exploits in 2022 totaled $10.3 million from January to June. This shows that the industry is not safe to operate without caution.

Aside from exploiting exchanges and networks, cybercriminals also target individuals through cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission.

In cryptojacking, the nefarious actor will infect the computer with malware through the target’s loopholes in extensions and browsers. This tactic may seem unpopular, but recent reports have shown that it increased by 30% in 2022, even with the failing crypto market.

Latest report shows that cryptojacking increased by 30% during the crypto downturn
The cryptocurrency market is trending upwards on the daily chart | Source: Crypto Total Market Cap on TradingView.com

This report came from SonicWall’s mid-year cyber threat update. According to the cybersecurity company’s report, the volume of these exploits increased by $66.7 million compared to the figure in the first half of 2021.

Factors that increase crypto fraud

According to the company’s report, one of the factors that contributed to the rise in cryptojacking was the Log4j vulnerability. Discovered in December 2021, this bug affected a Java-based logging tool in the Apache open source library. With this vulnerability, hackers can quickly access a system remotely and attack their targets.

Another factor leading to this increase is that cryptojacking is easier to perform. This attack method is not risky compared to ransomware in that the victim has to be involved so that he can pay the ransom. In cryptojacking, the target will never know that the network or computer is under attack.

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Cryptojacking and the financial sector

From this data, it is clear that everyone operating in the financial sector is at risk. People are more aware of ransomware attacks and have developed means to prevent them or decrypt their files. Also, cryptojacking was not that common in the financial sector. But now criminals have changed their targets from other sectors.

A recent report shows that finance and retail are at risk from this trend. The financial sector recorded a 269% increase, while retail saw a 63% increase in cryptojacking. This figure shows that attackers are targeting the financial sector more than retail.

Cybersecurity researchers claim cyptojacking was intense in the first quarter of 2022 when crypto prices were standard. Activities only started to fall after the crypto market crashed. As the sector lost massively, the targeted profits fell, prompting the hackers to reduce their business.

But judging by previous trends, the researchers revealed that the volume of cryptojacking in Q3 will decrease, but increase by quarter four.

Featured image from Pixabay, chart from TradingView.com

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