Cryptocurrency mining has taken an ugly phase as fraudsters are apparently hijacking smartphones. The concept of cryptocurrency is posing a major threat to every smartphone user as the miners are hacking phones to extract virtual currency.
This new type of cyber attack is called “crypto jacking” by security experts. It “consists of entrapping an internet server, a personal computer or a smartphone to install malware to mine cryptocurrencies,” said Gerome Billois, an expert at the IT service management company Wavestone.
Illegitimate mining Bitcoin, Ethereum, Monero and other cryptocurrencies may be very profitable but it includes a huge investment and generate huge electricity bills. Therefore, hackers have come up with a cheaper version for crypto mining by hijacking smartphone through malicious apps.
As published in News 18, more and more mobile applications hiding Trojan horses associated to a cryptocurrency mining programme have appeared on the platforms in the last 12 months,” said David Emm, a security researcher at Kaspersky Lab. Most of the times, the users are unaware that the scammers have hacked the phone and are secretly crypto mining.
The popularity of the games in the app store has compelled the hackers to target it in order to lure victims. Recently, a version of the popular game Bug Smasher installed from the Google Play has been used for crypto mining.
As quoted by many watchdogs, the concept of cryptocurrency is creating many hurdles. The scammers are trying out new ways to extract the virtual currency from the victims. Miners at one click of the mouse are hijacking smartphones and swindling the assets worth in millions.
As hackers are turning to the digital world, one must ensure not to download the app as inside an innocuous-looking programme hides a malicious one. Overall, Crypto mining is on the rise and one must take the necessary steps to curb it.
The post Smartphones Hijacked For Cryptocurrency Mining appeared first on OWLT Market.
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