‘Cryptojacking’ Surges 659% With Bitcoin’s Price Climbing
Cryptojacking, a new form of cybercrime, is on the rise as crypto prices rise. Hackers are turning computers into mining machines to mint new cryptocurrencies, resulting in $1.7 billion in stolen funds in 2023.
Major hacks remained at 160, and assets lost to hackers dropped by over 50% to $1.7 billion. SonicWall reported one billion cryptojacking attacks in 2023, an increase of 659% from 2022. North America and Europe were particularly hard hit.
Cryptojacking affects computer performance and generates large electricity bills due to high energy consumption. Authorities’ response to cryptojacking has been slow, but in January, Ukrainian police arrested an alleged cryptojacker worth $2 million.
(With inputs from Shikha Singh)
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