How cybercriminals are exploiting the bitcoin craze

Bitcoin (BTC-USD) is on fire. The cryptocurrency has jumped thousands of dollars in value in the past few weeks, and everyone seems to want to get a piece of that sweet, sweet pie. Including, naturally, cybercriminals.

Yes, online crooks are using every trick in the book to exploit the crypto craze. From stealing usernames and passwords to installing malware on users’ computers, cybercriminals are working to get their hands on cryptocurrency in any way they can.

Hackers are looking for quick ways to jump on the cryptocurrency bandwagon with their own kinds of malware aimed at taking advantage of your computer. REUTERS/Benoit Tessier/Illustration
Hackers are looking for quick ways to jump on the cryptocurrency bandwagon with their own kinds of malware aimed at taking advantage of your computer. REUTERS/Benoit Tessier/Illustration

“There definitely is a gold rush approach, and I guess criminals are kind of cashing in on that,” said Raj Samani, chief scientist at McAfee.

And to do that they’ll hijack your computer to make money for themselves.

Stealing your information

Bitcoin isn’t exactly new. Its popularity might be spiking now along with its value, but the cryptocurrency has been around since 2009. Which naturally means it’s been the target of cybercriminals for quite some time.

One of the more popular types of bitcoin-related cybercrime involves using keyloggers, programs that can see what you type on your keyboard, to steal users’ login information for their bitcoin wallets. As Symantec’s Candid Wueest explains, victims accidentally download such keyloggers via infected email attachments, which install themselves on their computers.

“From that point they would just monitor for any bitcoin transaction or any bitcoin wallets that you have, and try to steal the passwords,” he said.

Here’s how this scheme worked recently: A piece of malware known as Trickbot began spoofing the popular cryptocurrency exchange Coinbase.com’s login page. The software works by redirecting you from the real Coinbase.com to a page that looks similar, but captures your login information.

That’s not the only devious behavior this malware is capable of, according to Wueest — it can also mine bitcoin and other forms of cryptocurrency using your own computer.

Mining on your time

That’s where technologies like browser-based miners come into play. Browser-based crypto miners allow for site owners to run a Javascript on a person’s computer whenever they visit a particular site. That script then uses your computer’s CPU to help mine currencies like Monero (XMR-USD).

The software itself isn’t designed to harm your computer. Sites like Coinhive even indicate the script could be used by publishers and webpage owners to generate revenue lost through the increased use of ad blockers. It’s not a bad idea, either. That is, when you’re told that it’s actually running on your machine.

See, not all Monero miners or sites will tell you they are operating in the background, sucking up precious system resources, which can slow your computer to a halt. What’s more, Monero miners are only supposed to run on your computer while you’re on the site that uses the script. That’s not always the case, though, as some will generate a browser window that then hides on your desktop to keep sucking up your computer’s resources.