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Report: Consumer Targeted Cryptojacking plummets steeply


Per a recent report by cybersecurity company MalwareBytes cryptojacking targeting customers is almost extinct. After mining service Coinhive closed in mid March, cryptojacking has seen a sharp decline. However, attacks which target firms and business have increased in the last quarter. 

Coinhive is a JavaScript-based digital currency mining service. It first makes the user install a computer code on the website. Secondly, the service uses some of the computing power of a browser. Although Coinhive is not a malicious code by default, it has gained substantial popularity among hackers for cryptojacking.

As reported by CoinMarketFeed, the mining operations ceased on March 8, 2019. However, users were permitted to access  dashboards till April 30, 2019. A major reason for the closure is attributed to the large drop in hash rate (50%) , which followed the last Monero (XMR) hard fork. 
Also, the service was a victim to the crypto market bloodbath, with the value of XMR dropping 85% within a year. 

The report further mentions that Bitcoin holders using Electrum wallets have lost over $2.3 Million owing to a Trojanised version of the Wallet. For cryptojacking the chosen cryptocurrency is often privacy-centric coin Monero, as it can be mined easily on laptops. 

In February,  tech giant Microsoft removed 8 window applications from app store after Symantec, a cybersecurity firm found malicious XMR mining code. Symantec noted that while the apps provided privacy policies, they omitted any mention of cryptocurrency mining. 

Also, CheckPoint, an Israeli cybersecurity firm in its Global Threat Index stated that top three malwares causing menace were all related to cryptojacking and Coinhive.In May last year, coinhives  crypto mining script was detected on more than 300 government and university websites worldwide. 

A recent Kaspersky Labs report made a revelation that cryptojacking is now a bigger security threat than ransomware. Especially, in Middle East and Turkey. The targets are not limited to PC users but smartphone users as well. In a span of two years (i.e) 2016 to 2018, these attacks have increased by 10%.

Also recently American software security firm Symantec  reported about a new malware
Beapy, The malware uses the leaked United States National Security Agency (NSA) hacking tools to spread throughout corporate networks. Thus, it maliciously generates big sums of money from servers. 

Beapy first came to light in January 2019, It has reportedly spread across 732 organizations since March, with more than 80% of locations in China.