Cryptojacking Malware Hackers Shift Gears to Target Businesses Rather Than Crypto Investors

Hackers have been plaguing the cryptocurrency world for quite some time, often going through phishing schemes or similar scams. Cryptojacking, for example, is a process that involves hacking into a computer to mine Bitcoin without the user even knowing. However, cryptojacking consumers are becoming less and less popular, according to a report by MalwareBytes.

Considering the lack of attacks discovered over the last year, the report essentially states that that engaging in cryptojacking is “essentially extinct.” However, it looks like the report only means that this extinction has been for consumers because the practices are starting to be used towards businesses at the same time.

The closure of CoinHive appears to be one of the driving forces behind why this process has become less common. CoinHive’s software was set up in a way that mining Bitcoin could take place but without the need to get approval from the owner of the computer. The report also suggests a connection between cryptojacking and a decrease in the crypto prices last year. The report found the same connection to be true for 2017 and 2018, blaming the

“market downturn.”

The trend of cryptojacking is more about the use of malware in general since it is moved towards attacks on businesses as well, instead of consumers. While the malware detections for consumers went down by 25%, detection of the malware attacks on businesses rose by 235%. In fact, the report is so concise that they call the move to businesses

“never been more obvious.”

Unfortunately, the lack of cryptojacking for consumers has not exactly been any kind of consolation. Cybercriminals are still attacking users in other ways. The report points out that the owners of Electrum wallets that have stored Bitcoin on Mac devices were victims of thefts as well. In fact, in this quarter alone, over $2.3 million were stolen from the Electrum wallets, taking advantage of a vulnerability in the wallet.