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Cryptocurrency

Monero Promotes Cryptocurrency Mining Security

Redwan Eid | Oct. 1, 2018
Monero Promotes Cryptocurrency Mining Security

Monero (XMR) community has recently launched a website dedicated to cryptocurrency security.

The website aims to educate users on protecting their PCs against crypto-jacking and ransomware.

According to Justin Ehrenhofer- the director of the Malware Response Workgroup, the comfort in mining of Monero and the privacy the latter is noted for, stand behind the internet hackers being attracted to intrude the system and use the coin in malware.

“Attackers like Monero for two reasons: 1) it is private, so they do not need to worry about companies and law enforcement tracing what they do with the Monero after they mine it, and 2) Monero uses a Proof of Work (PoW) algorithm that is CPU and GPU-friendly; thus, the infected machines are competitive. These two components are increasingly distinguishing factors for why attackers choose to mine Monero over other cryptocurrencies.”, explained Ehrenhofer.

Observers read that using cryptocurrency in malware is not restricted to Monero, as Bitcoin and other digital currencies have been hacked and used in the same way, whereas XMR has privacy features that make it stand out.

McAfee labs in its turn, reported that cryptojacking increased by 86% in the second quarter of 2018, while illegal cryptojacking has shockingly reached 459%, according to the leaks from the NSA’s hacking tools.

“We created this workgroup to help the victims of these mining/ransomware attacks, who often have no idea what Monero, mining, and cryptocurrencies are… the increased prevalence of Monero-related malware prompted the formation of the workgroup.”, Ehrenhofer said.

The website gives users the ability to examine whether an XMR-based malware is running on their computer or not, in addition to offering them solutions for the three prominent types of attacks are usually used: browser-based mining scripts, system/PC based malware, and ransomware.

Do Websites Use Built-In Scripts To Mine Cryptos?

The Monero technology and community- identifying themselves as being intolerant toward any malicious activities that Monero is used in, explain that websites do not deploy scripts to mine Monero in the browser usually, however, it was noticed that the magazine of slate.com, to fund itself, it provided the visitors with such an option, instead of publishing advertisements, so that users would be mining XMR with the computer resources that belong to Slate, while they are surfing the website in the same time.

Crypto-jacking attackers, however, can still plant mining scripts into vulnerable websites, without the notice of the visitors or the webmaster themselves, according to news resources.

“Monero itself and the community aren’t attacking computers, but the computers are attacked with some vulnerability and the attacker decides to run a mining software on the compromised machines.” Ehrenhofer stated, noting that as webmasters and internet users in general -regardless of their knowledge levels- are still new to crypto-jacking attacks, Monero sees that education is a key to stand to security breaches.

It is worth mentioning in this context, that Monero developers have recently fixed a “burning bug” in the system, which could possibly affect merchants and organizations in the XMR ecosystem.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.