In the last decade, there is an increase in the craze of the decentralized form of currency which is known as cryptocurrency. There has been a marvellous increase in investment in crypto trading increasing the value of the cryptocurrency. We can take the example of the first cryptocurrency created in the world i.e. Bitcoin. The value of the bitcoin in the initial days of the cryptocurrency was very low but now with the increase in the no. of investments the value of the bitcoin also increased. It is not the only case in cryptocurrency. Almost every cryptocurrency is increasing day by day.
Now the concern is that with the increase in the knowledge of cryptocurrency among men there is also a jump in the cybercriminal activities in; crypto marketing. The biggest cyber threat to cryptocurrency is the security breach of the cloud interface of the users.
This is known as the cryptojacking attack. In the crypto-jacking attack, the hackers try to hack the system by breaching the security. They try to find any weak part or any tiny security lapse and attack the system and then download the crypto mining software on the system. After downloading the software, they use the computing power of the system.
This threat started its way into the cyber world in 2017 when people usually started complaining about the computing power of the system and the abnormal behavior of the cloud interface.
It was also the year in which other cyber threats were at their peak and were affecting the system worldwide. One of the cyber threats which are very dangerous for the system is Ransomware.
Ransomware is similar to crypto-jacking and there is no difference between the two others than the fact that Ransomware was/ is used to get access to the users’ system and use it for some illegal activities. In 2017 the threat of ransomware was at its peak as various cyber-attacks took place. And these ransomware attacks were done to get some money and with the increase in the popularity and security of the crypto exchange trade, the hackers started taking payments in the form of crypto assets.
Grand Crab was the first ransomware that took the payment in the form of cryptocurrency. It affected at least 50k to 60k people in the world in just 20-30 days. Sam was another ransomware that shook the world by taking a giant attack on the administration system of the US. If you are interested in investing in bitcoin you need to secure your money at offline bitcoin wallets . This is the world’s most secure wallet you can use because there is no need for internet connection that means only you can manage your bitcoin wallet.
On the other hand, Crypto Jacking was the one that shook the world by taking the system of Tesla and starting to mine the cryptocurrency. However, Tesla was made aware of the issue and the IT team of the company solved it. But there are various small-scale businesses that do not get to know the attack and their system faces the issue. However, there are many sites or platforms which can tell you if your system is being used by some unwanted organizations.
There is no comparison between these two because both cyber-attacks target the cloud interface of the system and try to steal the computing power of the system. Various articles say that Ransomware might face some issues because of the crypto-jacking and it is true up to some extent because the cryptojacking hackers charge less money as compared to the ransomware. But it cannot degrade the dominance of the ransomware because cryptojacking is only about mining cryptocurrency but ransomware attacks the system and then the system can be used for anything. And there could be data leakage of the users through ransomware.
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