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Malware and Cryptojacking | New Zealand’s Crypto Scam Guide (2024)

Cryptojacking is a type of cyberattack where hackers secretly use your device’s processing power to mine cryptocurrency, without your knowledge or consent. By running cryptomining malware in the background, attackers hijack your system’s resources, causing performance issues like slow speeds, overheating, and rapid battery drain.

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What to do if you’ve been Scammed

If you’ve fallen victim to a cryptocurrency scam it’s critical to take immediate action. At Crypto Consulting NZ, we specialize in scam support services tailored to your specific needs. We’ll help you confirm if you’ve been scammed, guide you through documenting your case, and provide expert advice on what to do.

Whether it’s a Cryptojacking or Rug Pulls our team can assist with every step of the process to ensure you’re informed and protected moving forward.

What is Cryptojacking?

Cryptojacking is a form of cyberattack where hackers infect devices with malware to secretly mine cryptocurrency using someone else’s hardware. This attack allows scammers to mine digital assets without the cost of using their own computing power. It can significantly slow down devices and increase electricity consumption for the victim.

To achieve this, cybercriminals use phishing emails, malicious links, search engine viruses, and social engineering tactics to hijack the computing power of unsuspecting victims’ devices, including laptops, phones, and tablets.

How does cryptojacking work?

Cryptojacking operates by secretly running crypto mining malware on a victim’s device. The malware takes over the central processing unit (CPU) and graphics processing unit (GPU) to mine cryptocurrency by solving complex math problems that verify transactions on the blockchain. Each time cryptocurrency is “minted,” it’s sent directly to the hacker’s wallet.

This type of malware is designed to exploit your computer’s resources, often through browsers or malicious JavaScript. Once infected—usually through a phishing link, malicious download, or compromised website—the cryptojacking code embeds itself into your system. The malware then runs in the background, using your hardware to mine cryptocurrency for the attacker, while slowing down your device and increasing energy usage.

To protect yourself, it’s crucial to use a trusted crypto wallet with advanced security features designed to safeguard your assets from malicious attacks. Regularly updating your software and using strong security tools can help prevent your crypto from being hijacked by cryptojackers.

High-Profile Cryptojacking Attacks

Cryptojacking targets a wide range of victims, from large networks to everyday users. While cybercriminals often focus on large-scale operations that are easier to conceal, they also tweak their malware to mine smaller amounts, keeping the operation hidden. Here are some notable cryptojacking attacks:

Types Of Cryptojacking Attacks

Crypto mining attacks can target various cryptocurrencies, not just Bitcoin. While Bitcoin miner infections are common, cybercriminals also target other digital currencies like Monero (XMR), Ethereum (ETH), and ZCash (ZEC). 

Here are the three main types of crypto mining attacks:

In-Browser Hijacking: In-browser hijacking occurs when browser tabs or extensions from infected sites run cryptojacking code. For example, the creators of the SafeBrowse extension embedded Javascript into their code to secretly mine Monero (XMR) using the CPUs of their clients. This type of cryptojacking is extremely stealthy—often, the only noticeable sign is a browser tab or extension using excessive resources without explanation.

In-Host Hijacking: In-host hijacking involves cryptomining malware infiltrating a host computer, typically through phishing emails, malicious links, or search engine viruses. This type of attack is more versatile, as it targets the entire system rather than just the browser, allowing hackers to exploit a wide range of computer or network resources. XMRig, a trojan miner, is one of the most commonly detected in-host cryptomining malware in recent years.

In-Memory Hijacking: In-memory hijacking targets the random access memory (RAM) of a system using “fileless” methods. These attacks turn legitimate system commands or pre-installed executables into cryptojacking malware. For instance, WindDefscan.exe is a fileless in-memory cryptojacker that forces the Task Manager to shut down immediately upon opening.

Signs You’ve Been Infected with Cryptojacking Malware

High CPU Usage: If your device’s CPU is running unusually high, often near 100% of its capacity, this could be a major red flag for cryptojacking. Cryptojackers hijack your system’s processing power to mine cryptocurrency, which puts a heavy strain on your CPU.

Slow Device Performance: Cryptojacking can severely slow down your device by diverting its resources toward mining. If your computer or phone suddenly experiences noticeable performance issues, it’s worth investigating whether cryptojacking malware might be the cause.

Slow Network Speed: Cryptomining malware can also use your internet connection to communicate with the hacker’s devices. If you notice your internet or data speed has slowed down dramatically, check your network activity to rule out cryptojacking or other malware.

Rapid Battery Drain: If your phone or laptop battery is draining much faster than usual, cryptojacking could be the culprit. Mining cryptocurrency is a resource-intensive process, and it can siphon off your device’s power, leading to quicker battery depletion.

Regular Overheating: Mining cryptocurrency generates significant heat, and cryptomining malware can cause your device to overheat as a result. If your laptop or phone frequently overheats, it could be due to cryptojacking malware pushing your system’s cooling capacity to its limits.

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What to Do If You’ve Been Scammed

If you’ve fallen victim to Cryptojacking, it’s crucial to act quickly. While the decentralized nature of cryptocurrency makes recovering funds difficult, there are steps you can take to mitigate the damage.

Crypto Consulting NZ offers scam support services to guide you through the recovery process. Here’s what you should do:

  • Document Everything: Save all correspondence, screenshots of transactions, and any relevant details about the scam. This information will be critical.
  • Alert Your Bank: If you’ve shared bank details, contact your bank immediately to flag any suspicious activity or halt future transactions.
  • Use Crypto Consulting NZ’s Scam Support ServicesCrypto Consulting NZ specializes in helping victims of crypto scams by offering expert advice, guidance on documenting your case, and support through the process 
  • Secure Your Devices and Accounts: If your personal data or login credentials have been compromised, reset all passwords, enable two-factor authentication (2FA), and scan your devices for malware.

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18+ Years Of Combined Experience 

Disclaimer: All content in this guide is intended for educational purposes only and should not be interpreted as financial advice. As an individual, you are entirely responsible for how you conduct your investments and manage your cryptocurrency interests. It is exclusively your own responsibility to perform due diligence and Cryptocurrency NZ recommends taking extreme care and caution with crypto and are not responsible for the outcomes, management, or oversight of your activities.