Monero Fights Back Against Cryptocurrency Cyber Crime

Fibo Quantum

Monero is fighting back against the rise of security breaches tied to the mining of the privacy coin. The Monero malware working group in recent days unveiled a new website dedicated to educating users about the cryptocurrency and how to identify ransomware and malware linked to crypto-jacking, which is when criminals take control of a user’s computing power to mine XMR coins.

The Monero team said in a blog post:

“The Monero community condemns this malicious, non-consentual use of equipment to mine…. However, the Monero community does not want to sit idly by as victims struggle to understand the impact of mining and ransomware. Most of these victims have no idea what mining and Monero are.”

Cyber Crime on the Rise

In addition to Monero, bitcoin is another cryptocurrency that is targeted by software viruses. XMR, however, boasts privacy features, which makes it easier for hackers to get away with criminal activity without being traced. Meanwhile, in some cases, website visitors have the option to permit scripts to mine XMR using their computing power. It’s a way for participants to support the site they’re visiting, such as Slate.com.

CCN reported that according to cybersecurity giant McAfee Labs, criminal activity involving digital currencies is on the rise, as evidenced by crypto-jacking instances rising by nearly 90% in Q2. Year to date, instances of crypto-jacking are even more alarming at more than 450%.

The rise of the blockchain and cryptocurrencies has introduced great promise, but it’s also exposed risks and vulnerabilities that accompany the increased attention. Monero’s decision to educate users about some of these vulnerabilities will help to ensure the longevity of the cryptocurrency as the number of instances in which hackers harness a user’s computing power declines.