Defending Against Illicit Cryptocurrency Mining Activity

Submitted by admin on August 22, 2024

The popularity of cryptocurrency, a form of digital currency, is rising; Bitcoin, Litecoin, Monero, Ethereum, and Ripple are just a few types of the cryptocurrencies available. Though cryptocurrency is a common topic of conversation, many people lack a basic understanding of cryptocurrency and the risks associated with it. This lack of awareness is contributing to the rise of individuals and organizations falling victim to illicit cryptocurrency mining activity.

What is cryptocurrency?

Cryptocurrency is a digital currency used as a medium of exchange, similar to other currencies. However, unlike other currencies, cryptocurrency operates independently of a central bank and uses encryption techniques and blockchain technology to secure and verify transactions.

What is cryptomining?

Cryptocurrency mining, or cryptomining, is simply the way in which cryptocurrency is earned. Individuals mine cryptocurrency by using cryptomining software to solve complex mathematical problems involved in validating transactions. Each solved equation verifies a transaction and earns a reward paid out in the cryptocurrency. Solving cryptographic calculations to mine cryptocurrency requires a massive amount of processing power.

What is cryptojacking?

Cryptojacking occurs when malicious cyber actors exploit vulnerabilities—in webpages, software, and operating systems—to illicitly install cryptomining software on victim devices and systems. With the cryptomining software installed, the malicious cyber actors effectively hijack the processing power of the victim devices and systems to earn cryptocurrency. Additionally, malicious cyber actors may infect a website with cryptomining JavaScript code, which leverages a visitor’s processing power via their browser to mine cryptocurrency ...Click Here

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About

Kenya Education Network CERT(KENET-CERT) is a Cybersecurity Emergency Response Team and Co-ordination Center operated by the National Research and Education Network of Kenya. KENET-CERT coordination center promotes awareness on cybersecurity incidences as well as coordinates and assists member institutions in responding effectively to cyber security threats and incidences. KENET-CERT works closely with Kenya's National CIRT coordination center (CIRT/CC) as a sector CIRT for the academic institutions. KENET promotes use of ICT in Teaching, Learning and Research in Higher Education Institutions in Kenya. KENET aims to interconnect all the Universities, Tertiary and Research Institutions in Kenya by setting up a cost effective and sustainable private network with high speed access to the global Internet. KENET also facilitates electronic communication among students and faculties in member institutions, share learning and teaching resources by collaboration in Research and Development of Educational content.