Cryptocurrency News – How far spread is Monero (XMR) Cryptojacking?

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The problem of Cryptojacking is pretty widespread. Cryptocurrency of choice for the Cryptojacking is Monero (XMR). It is widely anticipated that most of the Cryptojacking attempts occur for Monero (XMR). Up until now, there is no actual clue regarding the number of cryptocurrencies used for Cryptojacking attempts.

How far spread is Monero (XMR) Cryptojacking?

According to a couple of researchers, a total of 5% of Monero (XMR) tokens has been mined using Cryptojacking. When you consider that there are over 2000 active campaigns for Cryptojacking Monero (XMR), you will realize the scale of Cryptojacking attempts. The total value of XMR which was mined using Cryptojacking is almost around $ 40 million. These values indicate that Cryptojacking is in progress at a pretty rapid pace.

Monero (XMR) is the most prevalent the token when it comes to Cryptojacking. The reason for this is that Monero (XMR) is anonymous. It has various mechanisms to ensure proper fungibility. The fungibility ensures that transactions go untraced. At the same point in time, the ring signature makes sure that none of the transactions can be traced back.

Cryptojackers always try to use a cryptocurrency which is not traceable. Monero (XMR) provides them precisely this opportunity. None of the developers or the law enforcement agencies can track Monero (XMR) transactions. That is why, once XMR tokens are mined through cryptojacking, there is no way to trace the hackers. Hackers have to plant the malware. Once they do that it becomes effortless for them to collect the XMR tokens. Hence, monetizing them is not a problem at all.

At 5% of the total supply, the scale and magnitude of Monero (XMR) cryptojacking is huge. The problem is that the cryptojacking attempts are growing at an exponential pace. It is tough to detect, but awareness is undoubtedly going up as the number of PCs containing malware are going up consistently.

It is the time that consumers become more aware regarding the various malware and also scan their computers more frequently. Hackers have now got an additional way to monetize the malware. It is much more effective than ransomware and other such methods. That is why they are doing their best to spread the malware at a rapid pace.

All in all, the spread of Monero (XMR) malware is growing at a rapid pace. Unless and until the users become more aware of it, it will be difficult to halt the progress of Monero (XMR) cryptojacking attacks.

About Priya 131 Articles
I am an IT engineer by qualification and like to explore the crypto and blockchain space in my free time.

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