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Cryptocurrency Malware: Cybercriminals Target IoT Devices for Illicit Mining
Increasingly malware is infecting computers and Internet of Things (IoT) devices for the purpose of mining cryptocurrencies. IoT devices are particularly vulnerable because, unlike most PCs, they often lack any sort of built-in security to prevent malware. Often too, IoT devices are set up, turned on, and not monitored regularly. Routers in the home or workplace are popular targets for mining malware.
Fernando Merces, a senior threat researcher at Trend Micro, said that “the underground is flooded with so many offerings of cryptocurrency malware that it must be hard for the criminals themselves to determine which is best. IoT devices have less computing power, but are also less secured. In some cases there may be thousands of them publicly exposed, so the amount of devices compromised is important here.”
The Trend Micro report found that “this is a huge trend, one that is unlikely to go away anytime soon. We have seen miners moving from bitcoin to Ethereum and now embracing Monero and Zcash. Some criminals have also started conversations about MoneroV, which hasn’t even been released yet.” In the case of Monero, as many as 25,000 different cryptocurrency mining malware can be purchased from $5 to $1000.
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