cryptocurrency hack

A new research report done by the Kaspersky Lab has shown that there are several new malware related softwares that are out there to steal user’s cryptocurrency. The malware reportedly goes into the user’s wallet and replaces their digital address with that of the hackers. This has become more and more prevalent over the course of the past few months and seems like it is only on the rise.

This type of cryptojacking has been known about for years, but it has only recently seen a high amount of activity. A new software known as CryptoShuffler works by changing the address of the users’ cryptocurrency wallet and redirecting it to a short-term data storage network owned by the hacker. With most cryptocurrency transactions, the transferring parties need to know both users addresses. The CryptoShuffler works by exploiting the system that gets ahold of these numbers.

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After starting, the malware watches the users clipboard and notes when a user makes a payment. The software then copies down the users information and sends it to that of the hacker. The victim then unknowingly transfers money to the hacker. Since the main premise of cryptocurrency is decentralization and anonymity, there is essentially nothing that can be done to counteract this occurrence.

Looking at the research from the Kaspersky Lab, the criminals have only succeeded in taking around $140,000 or 23 BTC. This is not a large amount and can still be contained, but it is only a matter of time before others begin to follow suit. As cryptocurrency finds its place in the world economy, events like this continue to change the dynamic behind whether investors choose to put their money in or not. Hopefully, these types of attacks can slow down, and the currency can continue to grow throughout the market.

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