A New Report Shows that Cryptojacking is Plateauing in Response to the Markets
A new cybercrime report by MalwareBytes shows that cryptojacking is plateauing. The report reveals that cryptojacking is waning due to lower crypto market valuations. This is according to a report that MalwareBytes Labs has released on July 17.
What is Cryptojacking?
Cryptojacking is a practice where you use computer-processing power to mine crypto. This is usually done without the consent of the owner. One way to tell that your computer is being cryptojacked is increased speed of your computer fan.
Besides that, you will often notice that your computer slows down when you try to browse or do anything else. You might also notice that your computer battery drains fast when it is unplugged. This is because the cryptojacking software uses a huge percentage of your processor.
What the Data Showed
The data and analysis that was laid out by the Malwarebytes Labs report show that while cryptojacking is still popular, there has been a decreased detection of the practice. This is a suggestion that the trend may be starting to decline.
The report also added that they were not sure which new cybercrime threat would take over. The report suggested that the decline in cryptojacking activity was due to disappointing revenue returns criminals were getting. The reason for this is that crypto has lost most of its value. In such a setup, mining the lower end cryptocoins does not make much sense. This is because mining the high-end coins such as Bitcoin is not possible using a computer.
The decline has been noted in consumer targets. Those using Windows saw cryptomining malware detection dropping in Q2. This is despite rating high overall detection in Q2.
In Q1 of 2018, there was a major spike, which was set off by the huge price increase of Crypto towards the end of December 2017. The use of Android cryptojacking software has also seen a major drop. From April to May, the number of mobile miners fell by 16%. However, there was still 244% more malware in Q2 than Q1. The report suggested that Android platforms might see a major increase in future.
Who is Most at Risk?
The report showed those most at risk of cryptojacking was enterprises. The data from cryptojacking targeted at businesses has fluctuated on a monthly basis since the start of the crypto craze. There has always been some kind of spike detected since the start of 2018.
Strategies Are Changing
According to the report, cryptojacking strategies are also evolving. For instance, the use of in-browser programs has become quite popular. Attackers are leveraging open source web mining code and adapting it to their specific needs.
Suggesting that cryptojacking peaked in Q1 2018 is echoed by another report McAfee Labs published. It shows that there was a 629 percent spike in the activity in the first quarter of 2018. The McAfee focused on coin mine malware, which works by utilizing the code from Coinhive.