Instances of hacking in the crypto space have been increasing considerably over the past few months. From North Korean hackers stealing assets from South Korean exchanges, to digital currency exchanges like Coincheck being completely raided, instances of hacking haven’t stopped. The tools that have been used in all these different attacks have been different, ranging from malware to phishing techniques.
Some hackers use a more subtle technique to obtain coins and tokens remotely from individuals. These hackers use malware and viruses to access computers in order to mine cryptocurrency directly. Mining is the process of using computer power to solve complicated algorithms and process transactions, and obtain coins and tokens in exchange.
Over the past few days, a crypto-mining hack has been circulating online. The mining software resided in malware that was found in ads on multiple popular websites, including popular video streaming service YouTube. Reports stated that the malware was mining cryptocurrency using individuals’ computer power, CPU, and electricity. The security firm Trend Micro was the first one to report the issue. The firm claimed that up to 80% of the hacked computers’ power was used to mine Monero when the malware was running.
Google quickly solved the problem following users reporting the issue via social media. The American tech giant also claimed in an email that “the ads were blocked in less than two hours”.
Cryptocurrency related hacks and attacks are becoming prominent. Hackers are finding more clever ways to steal digital currencies and use external computer power to mine coins or tokens. As cryptocurrencies become more popular, it is crucial for individuals to be wary of these threats and to ensure maximum security. Will large corporations like YouTube take preventive measures against cryptocurrency hackers in the future? Time will tell.
TLDR: YouTube users have discovered that some ads running on the platform were actually cryptocurrency-mining malware. Google has quickly fixed the issue, but questions remain on the future of security and privacy in the crypto space.