Cryptojacking: What it is And How to Detect and Prevent It

There is more to cryptocurrency than meets the eye. Although digital coins are continually blooming and even attracting debates of whether they will supplant fiat currencies sometime, most people are oblivious to what happens behind the scenes.

Like most things based on the internet, cryptocurrencies and the blockchain technology in general are vulnerable to cyber threats. The latest cyber threat in the blockchain world is known as cryptojacking.

But what exactly is cyrptojacking?

It is very difficult to explicitly explain the concept of cryptojacking without having to roll back to the fundamentals of blockchain and especially cryptocurrency mining. So, let’s a have brief refresher.

What is Cryptocurrency Mining?

This is the process of verifying crypto transactions and adding them to a digital ledger known as the blockchain. People who verify these transactions are known as miners.

That is the simplest explaination.

But there is something about cryptocurrency mining that you need to understand. It requires very powerful computers with dedicated hardware. This means that the process calls for huge consumption of power yet the profits are not so promising. Computers used to mine cryptocurrencies require a specialized graphical processing unit (GPU) chip and dependable means to cool hardware.

In most cases, miners cannot afford the huge costs of power required for this kind of work. This is especially since the profits are much lower than the cost of mining. In fact, high-end PCs with powerful processors are sometimes unable to bring in profits.

So to counter the costs of power consumption, miners have been forced to look for a way to use processing power for free.

And this is where things get interesting.

How do you use computer processing power without paying for it? By using other people’s computing resources without their knowledge. That is what is known as cryptojacking.

How Cryptojacking Works

Initially cryptojacking required people to download some malicious script which when installed in the target device can enable it to be used for cryptocurrency mining without the owners knowledge.

But miners have upped their game. Now they are targeting websites instead of individual computers, smartphones, tablets or servers. This way, they are able to steal more power as people visit those websites.

So essentially, hackers can use your CPU in one of two ways:

1. Tricking you into downloading and installing a cryptomining code in your computer. This can happen when downloading apps or any other software online or by simply clicking a link. When installed, the script will be running on the background without your knowledge.
2. Alternatively, the script can be injected into websites with high amounts of traffic. When you visit these websites, the script starts working immediately and will do so until you leave that site. In this case though, the code will not be installed in your device.

In both cases, the script contains a complicated algorithm that solves complex mathematical problems in the affected device and feeds the results to a server that is operated by the hacker.

To maximize returns, malicious miners will often capitalize on both of these methods. However, the second method is very popular and it is reported that 90% of cryptojacking cases happens through browsers and only 10% through code installed on user devices.

How to Detect Cryptojacking

Detecting cryptojacking is very difficult. In fact, most victims never realize that they are being cryptojacked, This is because, this is not a form of malware per se. It does not infect your device with viruses or steal personal information. All it does is use your computing resources without your consent.

So, how do you detect it?

There are some signs you can look out for that suggest you may be under cryptojacking attack. Below are some of them:

• A sudden rise in processor usage
• Sluggish device performance or frustrating unresponsiveness
• Sudden overheating

These signs show that your device is using more than normal processing power even though you are not doing any heavy duty task.

How to Prevent Cryptojacking

Learning to identify cryptojacking instances is the first step towards protecting yourself.

In addition, you should ensure that all your devices are using strong internet security software with the ability to block cryptojacking attempts. You should also install ad-blocking extensions on your browser to up your security measures.

Avoid phishing emails asking you to click on dubious links. The links may contain cryptojacking codes that will be installed on your device upon clicking on them.

Way Forward

If current reports are anything to go by, cryptojacking is not going away any time soon.

For instance, last year, Cybersecurity firm McAfee reported that instances of cybersecurity increased by 400% between 2017 and 2018. That was a massive uptick and goes to show how malicious crypo miners are bend on promoting this vice.

Taking measures to prevent yourself is very vital. Always be on the lookout and alert an internet security expert if you notice suspicious behavior in your device performance.