Malicious cryptocurrency mining is a very troublesome trend. Criminals hijack unprotected internet-connected devices to mine Monero. To counter this threat, developers of the popular currency are forming a malware response group. Their primary mission is to bring an end to nefarious activity regarding cryptojacking.
The Monero Malware Response Workgroup
Security researchers ring the alarm bell when it comes to cryptojacking. Hundreds of thousands of devices are vulnerable to this criminal activity. Hackers install malware on unprotected devices to mine Monero. Nipping this threat in bud has proven to be very difficult. A little help from the Monero developers and community can help move things along.
The new malware response workgroup can make a world of difference. It is designed to bring an end to the cryptojacking threat and its association with this particular cryptocurrency. A list of resources has been compiled to explain the basics of XMR and mining. This volunteer-based effort will be maintained for the foreseeable future. Tackling cryptojacking is just one aspect, as the outfit also focuses on ransomware and other threats.
Criminals have shown a strong infatuation with this anonymous cryptocurrency. Its native anonymity and privacy make it rather appealing to hide criminal proceeds. This has resulted in a lot of negative scrutiny for the cryptocurrency project. By taking a proactive approach, the developers and community aim to turn this negative into a positive moving forward.
A Growing List of Threats
Unfortunately for cryptocurrency enthusiasts, criminals continue to target this industry. Whether it is through phishing, hacking, ransomware, or cryptojacking, the list of potential threats grows longer every year. Efforts like these can buck the upward trend, though it remains up to consumers and device owners to take appropriate action.
The link between criminals and Monero is not the fault of the cryptocurrency itself. The altcoin’s network benefits from having as many people mine as possible. This has led to an influx of botnets mining XMR over the years, which was a first warning sign. A widespread use of nefarious CoinHive mining scripts only made things worse throughout 2017 and early 2018.
With the currency cryptojacking threat now targeting more devices, the malware response group is more than welcome. Eliminating malicious mining will be difficult, if not nigh impossible. By educating the masses, positive progress can be made in the months and years to come. Threats like these should not trump the technical prowess of the Monero project.
Will Monero’s new initiative help reduce the illicit mining of XMR via cryptojacking? Do you think that other mined cryptocurrencies will follow suit? Let us know in the comments below.
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