- Cryptojacking has emerged as a potential threat to the entire crypto community.
- Using this practice, hackers gain access to other peoples’ devices unauthorizedly and mine assets.
- The instances of cryptojacking have been much fewer than other scams but they still happen.
Everything has its downside and the saying is most relevant to technology. In all likelihood, there’s nothing as deep and dark as the internet right now. This technology brings the whole world together, it empowers businesses and individuals to achieve incredible feats. At the same time, it paves the way for cybercrime, a threat that jeopardizes the well-being of companies, individuals, and governments.
Cryptojacking: In A Nutshell
Like the internet, cryptocurrency is one of the greatest inventions that can radically change lives. It is a digital asset that is created using special programs by professionals called miners. They solve equations on a specific algorithm-based application and create a crypto. Originally, there was only one cryptocurrency, which is Bitcoin. However, developers have now created a row of other highly valuable cryptos.
It is the creation process that gives rise to cryptojacking. In essence, cryptojacking is an unethical process of creating digital assets. The black hat miscreants use other peoples’ devices unauthorizedly to undertake this task. Needless to mention, the process hurts the whole ecosystem and paves the way for many other malpractices.
Technically speaking, cryptojacking is using a thread within a computer or phone to use its resources to mine crypto. Cryptocurrencies work on a blockchain which is a decentralized distributed database. The developers that handle the network update it from time to time.
Using a complex mathematical process, every single transaction is integrated into a block. Moreover, the process takes a reasonable amount of time, effort, and money.
How Does Cryptojacking Impact Assets?
With cryptojacking, hackers create digital assets but they don’t pay for anything. They use someone else’s resources to get their job done. That brings negative disruption to the entire crypto ecosystem. So far, the most common crypto mined using cryptojacking is Monero. While the incidents of cryptojacking may not be very frequent, they’re not unheard of.
Lately, there has been some debate over determining the rise or decline of crypto. Reportedly, it tends to go in sync with the value of cryptocurrencies. Despite this, two things have thwarted the rise of cryptojacking recently.
- Actions taken by law enforcement agencies.
- In March 2019, the leading crypto mining site, Coinhive shut down. This platform provided JavaScript code that facilitated the mining of Monero. Unfortunately, a lot of hackers abused it and created assets unauthorizedly. To the relief of the crypto community, the menace diminished to a great extent with the website’s shutdown.
Ways to Protect Oneself From Cryptojacking
Use a Potent Anti-Virus– A comprehensive cybersecurity program can provide thorough protection from such practices.
Follow Cryptojacking News– It would keep the readers abreast with all the ongoing updates in this niche.
Use Anti-Cryptojacking Extensions– The netizens can use extensions like Anti-Miner, No Coin, and minerBlock to prevent such occurrences.
Disable JavaScript and Blockers– This is also a very effective method of blocking such attempts.
Using the aforementioned tricks, one can keep their devices safe from cryptojacking attacks. Regulatory bodies and even prominent websites should spread the information about this lesser-known threat.
