Popular Bitcoin Attracts Malware Too

You’ve seen the news and Bitcoin trading has gone through the roof this year.  For those of you who  aren’t familiar, Bitcoin is the biggest cryptocurrency out there.  Not only can Bitcoins be used as a form of payment, but they also can be mined.  Mining involves using a computer, or more commonly, a server farm of computers to do intense calculations.  Completing these calculations rewards you with Bitcoins.  Bitcoins can then be used for purchases and are managed in your Bitcoin wallet.

So here’s where the fun comes in.  Since Bitcoins are completely digital, anything involved in the process of mining, storing, and purchasing Bitcoins can be a big target for would be hackers and Malware creators.

Here’s some of the stuff we are seeing out there currently:

  1. Mining– Many people want to get into mining.  There are many legit ways to do it, but watch out, there’s a lot of fake software out there that is actually malware disguised as mining software.
  2. DDOS attacks– Distributed denial of server attacks.  Cryptocurrency exchanges were the eighth most targeted sector by DDoS attackers following sectors such as gambling, internet services, financial services and retailers.
  3. Mining marketplace NiceHash recently announced that it was hacked and 4,700 bitcoins were stolen.
  4. Picking your Wallet– Multiple attacks have been recorded hacking into Coinbase wallets.

So the moral of the story here is the same we’ve seen for years and years.  Protect your digital assets.  Keep strong malware protection and firewalls in place.  Following these practices can go a long way in protecting your systems.

Posted in: Data Security, Tech Tips for Everyone

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