United States prosecutors have charged Charles O. Parks III with wire fraud and money laundering after he allegedly ran a “large-scale illegal ‘cryptojacking’ operation,” defrauding two cloud computing providers out of .5 million to mine 0,000 in cryptocurrencies such as ether, litecoin, and monero without authorization. Parks, who was arrested in Nebraska and faces up […]
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Ukrainian Police Collaborate With Europol to Apprehend Alleged Cryptojacking Mastermind
The Ukrainian police, in collaboration with Europol, recently apprehended the alleged mastermind behind a cryptojacking scheme. According to a statement released by Europol, the arrest underscores why the private sector should collaborate with law enforcement.
Law Enforcement and Private Sector Collaboration
The Ukrainian police recently arrested a 29-year-old man accused of masterminding a complex cryptojacking scheme. The unnamed man, who was apprehended in Mykolaiv, is believed to have mined cryptocurrencies worth over million using illegally accessed cloud resources.
According to a statement released via European Police (Europol), the alleged cryptojacker’s arrest followed months of collaboration between Ukrainian law enforcement, Europol and an unidentified cloud services provider. The statement said the arrest underscores why the private sector should collaborate with law enforcement.
Explaining how the probe, which saw law enforcement agents comb three properties associated with the cryptojacker, unfolded, Europol said:
“A cloud provider approached Europol back in January 2023 with information regarding compromised cloud user accounts of theirs. Europol shared this information with the Ukrainian authorities, who subsequently opened an investigation.”
On the day of the arrest, the European Cybercrime Centre (EC3) of the law enforcement agency set up a command post to support the National Police of Ukraine.
Meanwhile, in the statement, Europol shared some anti-cryptojacking tips that cloud service providers can use to stop criminals from illegally accessing cloud computing infrastructure. One way cloud providers can do this is by having strong access controls in place.
Cloud service providers can also block cryptojackers by regularly monitoring cloud environments for suspicious activities and keeping cloud resources updated, the statement added.
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Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump
The crypto industry is fraught with different malicious actors preying on unsuspecting users, especially the cryptojacking attackers. Many hacks and exploits occur in the industry, targeting crypto firms and individual investors.
According to data, crypto scams and exploits in 2022 amounted to .3 million from January to June. This shows that the industry is not safe to operate without caution.
Apart from exploiting exchanges and networks, cybercriminals also target individuals through cryptojacking. This targeted attack on someone’s computer resources to mine crypto without permission.
In cryptojacking, the lousy actor will infect the computer with mining malware through the target’s loopholes in extensions and browsers. This tactic might seem unpopular, but recent reports have shown that it increased by 30% in 2022, even with the failing crypto market.
Cryptocurrency market trends upwards on the day chart | Source: Crypto Total Market Cap on TradingView.com
This report emerged from SonicWall mid-year cyber threat update. According to the cyber-security company’s report, the volume of these exploits increased by .7 million compared to its figure in the first half of 2021.
Factors Increasing Crypto Scams
According to the company report, one of the factors that contributed to the increase in cryptojacking was the Log4j vulnerability. This flaw was discovered in December 2021, affecting a Java-based logging utility in Apache’s open source library. With this vulnerability, hackers can quickly access a system remotely and attack their targets.
Another factor leading to this increase is that cryptojacking is easier to perpetrate. This method of attack is not risky compared to ransomware in that the victim must be involved so he can pay the ransom. In cryptojacking, the target will never know that the network or computer is under attack.
Cryptojacking And The Financial Sector
From this data, it’s evident that everyone operating in the financial sector is at risk. People are more aware of ransomware attacks and have devised means to prevent them or decrypt their files. Also, cryptojacking wasn’t that common in the financial sector. But now, criminals have changed their targets from other sectors.
A recent report shows that finance and retail are at risk of this trend. The finance sector recorded a 269% increase, while retail saw a 63% increase in cryptojacking. This figure shows that attackers are targeting the finance sector more than retail.
Cyber-security researchers claim cyptojacking was intense in quarter one of 2022 when crypto prices were standard. The activities only began to drop after the crypto market crashed. As the sector lost massively, the targeted profits plummeted, causing the hackers to reduce their operations.
But judging by past trends, the researchers revealed that the volume of cryptojacking in Q3 will reduce but increase by quarter four.
Featured image from Pixabay, chart from TradingView.com
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South Korea Points to North Korea as Cryptojacking Culprit
South Korean intelligence officials are pointing toward North Korea as being the responsible party behind a string of cryptojacking cases across the country.
North Korea Continues to Mine for Crypto on South Korean Computers
According to a new intelligence gathering report, prompted by an upcoming visit to North Korea’s nuclear test site by international inspectors, a government-mandated audit conducted by South Korea’s National Intelligence Service (NIS) has revealed that North Korean hackers are continuing to mine for cryptocurrencies using hacked computers across South Korea.
The NIS believes that North Korea is cryptojacking unsuspecting user’s computers as a means to generate cash flow into the economically-challenged country, and is continuing to use a malware discovered earlier this year.
Back in January, cybersecurity firm AlienVault identified a malware application tied to North Korea that was being used to hijack computers and use them to mine for cryptocurrency.
The malware found mines for Monero (XMR), a privacy-focused cryptocurrency often at the center of most cryptojacking cases, before sending it to a server at Kim Il Sung University located in Pyongyang, North Korea. Similar efforts from North Korea are continuing on their neighboring country’s computers, causing government officials to become concerned.
North Korea’s Growing Interest in Crypto Continues
North Korea’s interest in cryptocurrencies doesn’t stop with cryptojacking. The rogue nation is also said to be responsible for a pair of cryptocurrency investment scams, have begun using cryptocurrencies to avoid United States-led economic sanctions, and may even be developing a cryptocurrency of their own.
Last week, a report emerged from research firm Recorded Future that dove into the internet-browsing habits of select North Korean government officials.
The research found that North Korea was the likely party responsible for two cryptocurrency scams: a proof-of-stake coin called “hold” and a fraudulent ICO called Marine Chain. Both investment vehicles were used to scam investors out of their hard earned cash.
North Korea also joins Iran and Russia in considering using cryptocurrencies to avoid economic sanctions imposed by the Trump administration. Independent financial analysts Lourdes Miranda and Ross Delston revealed in an interview that North Korea is using “multiple international exchangers, mixing and shifting services” to mirror the money laundering cycle using crypto.
In addition, the duo believes that North Korea could be following Iran’s lead in developing its own national cryptocurrency to further its efforts in evading sanctions. The country would then use the cryptocurrency anonymously under the “guise of a non-adversarial nation” in an attempt to cover their tracks and conceal the origin of the funds.
Featured image from Shutterstock.
The post South Korea Points to North Korea as Cryptojacking Culprit appeared first on NewsBTC.
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