The price of cryptocurrencies may be surprisingly low these days, but cybercriminals don't seem to give up on new technology. In fact, the number of malicious cryptocurrency miners skyrocketed in the third quarter of the year.
That's according to a new report from cybersecurity experts Kaspersky. In its latest report, the company claims that in the third quarter of 2022 there was a 230% increase in cryptocurrency miner variants, compared to the same period last year. Compared to the third quarter of 2021, the number has tripled.
That being said, in the third quarter of 2022 alone, more than 150 different cryptocurrency miners have been identified as being used by criminals. His earnings, according to the researchers, can reach 000 BTC per month, which at current prices is around €2. More often than not, cybercriminals go for monero, a privacy-focused cryptocurrency that is nearly untraceable.
Distribution via pirates
To distribute miners, hackers use platforms to distribute pirated content such as movies, music, computer games, and commercial software. By posing miners as cracks, activators, and even programs, scammers are able to distribute miners to a wide range of victims.
Mining is a high maintenance, low margin operation. To go into mining, you need to have the latest computer hardware, lots of electrical power, and some bandwidth. With the cost of electricity skyrocketing and the price of bitcoin and other cryptocurrencies falling significantly, many legitimate miners are shutting down their rigs and waiting for more profitable days.
However, by hijacking other people's devices and electricity, criminals avoid the initial setup cost and generate pure profit, while victims end up with underperforming terminals (opens in a new tab) and high electricity bills. Mining software is generally simple to compile and can also be purchased on the dark web, relatively cheaply.