Malicious Actors Generated $175 Million in Monero Via Cryptocurrency Mining, Report Reveals
Crypto-thieves have earned a total of $175 million in Monero via malicious cryptocurrency mining techniques, according to a recent study. These illicit profits represent 5 percent of all Monero in circulation today.
Monero: Cybercriminals’ Favorite Digital Currency
For the report, Palo Alto Networks used a threat analysis service to determine which digital currencies malicious actors prefer to mine for and how lucrative this activity is for crypto-miners. Of the 629,126 malware samples included in the research, 531,663 (approximately 85 percent) delivered software designed to mine for Monero. This figure dwarfed that of bitcoin, which came in second with 53,615 samples.
Monero’s dominance extended to the number of wallets observed in the dataset. In total, the researchers identified 2,341 Monero wallets, which was more than twice the amount of bitcoin wallets at 981. By comparison, Electroneum, Ethereum and Litecoin were barely represented at just 131, 44 and 28 wallets, respectively.
In addition, the researchers identified 3,773 emails used to connect to mining pools and 2,995 mining pool URLs.
Addressing the Cryptocurrency Mining Threat
Josh Grunzweig, senior malware researcher at Palo Alto Networks, noted that it’s difficult to defeat cryptocurrency mining software delivered by malware.
“Many malware authors will limit the CPU utilization, or ensure that mining operations only take place during specific times of the day or when the user is inactive,” Grunzweig explained. “Additionally, the malware itself is delivered via a large number of methods, requiring defenders to have an in-depth approach to security.”