cryptocurrency mining

Check Point Software, a cyber security solutions company has stated that the large threat from cryptocurrency mining malware is growing at a rapid pace. According to a report done by the company, the impact form the CoinHive mining malware is currently the sixth most used malware in the course of October thus far.

The program is based off of a JavaScript that lurks behind the eyes of the user and uses the computing power of the unsuspecting computer to mine cryptocurrency for the hacker. The currency that is mined is known as monero, an alternative coin, but still incredibly popular.

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The threat intelligence group manager at Check Point, Maya Horowitz, recently stated that the high amount of mining malware is highlighting an issue and the “need for advanced threat prevention technologies.”

Horowitz further stated that “Crypto mining is a new, silent, yet significant actor in the threat landscape, allowing threat actors to make significant revenues while victims’ endpoints and networks suffer from latency and decreased performance.” According to the report, the malware is topping the index, followed by only a few other popular malware sources.

The internet provider known as Cloudflare recently suspended several websites that were said to be involved in this scam, or known to contain the malware within the sites. The site has stated that several sites within it have been running the CoinHive without the user knowing for quite some time. With a currency and industry that is often criticized for its illegitimacy, the hopes are high that the currency can overcome these challenges to its reputation.

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The cryptocurrency world has a large amount of potential to change the financial system throughout the economy, and only with a solid reputation will it be able to accomplish that goal.

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