The logic of cyber attacks is changing after the expansion of cryptocurrencies around the world.

Now, the focus of the criminals is on using the network of hacked companies to mine cryptocurrencies.

That information was released by Aqua Security, which is a cyber security company. The report was based on data collected between June 2019 and July 2020.

Criminals break into networks to mine Bitcoin and other cryptocurrencies

According to the Aqua Security report, the vast majority of attacks on databases maintained in the cloud are aimed at mining Bitcoin (BTC) and other cryptocurrencies.

Thus, more than 16 thousand attacks were analyzed by the company, so that it could understand this phenomenon. She says 95% of attacks are aimed at mining, rather than the theft or hijacking of corporate data.

The three main conclusions drawn after sorting the data were as follows:

  • The biggest motivation for criminals attacking cloud data is to use victims' computing power for cryptocurrency mining.
  • Compared to the previous year, 2020 saw a dramatic increase in this type of attack. Furthermore, the data indicate that attacks are carried out in a systematic and organized manner.
  • In attacks on cloud networks, criminals use tactics that allow intrusion for a long period of time.

The occurrence of mining attacks indicates the profitability of this type of work.

Cryptocurrency mining consumes more and more energy

BTC mining is essential for the functioning of the cryptocurrency's blockchain network.

However, mining companies and pools are concentrating increasing efforts to make this procedure more viable.

In the USA, for example, some companies are producing their own energy, using renewable sources, such as solar and wind power. They also mine at dawn or at other times of the day when less energy is used.

Finally, by using the computational power of others to mine cryptocurrencies, hackers “save” on the costs involved in mining cryptocurrencies.

Read also: Even with risks, number of day traders doubles in 2020

Also read: 90% of illegal cryptocurrency transactions are not tracked

Also read: Malware hijacks transactions, steals Bitcoin and undermines ETH and XMR


Please enter your comment!
Please enter your name here