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Report: $175 million USD of Monero was mined through malware

A recently released report shows that privacy-focused Monero is a key candidate for malicious miners to take advantage of and the related figures for the token are grim.

Written by Rebecca Leighton Published on

Palo Alto Networks, a security company, has found that approximately 5% of all Monero tokens that are currently in circulation were mined through malware.

The research conducted by Palo Alto shows that the mining was done by using other user’s computing powers without their permission – a malicious practice referred to as cryptojacking.

Josh Grunzweig, one of the team members involved in the research collection, found data from almost 470,000 samples and has identified how many cryptojacking miners were involved. Apparently there were:

  • 3,773 emails associated with mining pools
  • 2,995 mining pools URL addresses
  • 2,341 Monero (XRM) wallets
  • 981 Bitcoin wallets
  • 131 Electroneum wallets
  • 44 Ethereum wallets and
  • 28 Litecoin wallets connected

Grunzweig says that Monero seem to be the most frequently targeted cryptocurrency, and the 5% of the maliciously mined token equates to a shocking total of $175 million USD.

Justin Ehrenhofer, a member of the Monero Malware Response WorkGroup, has reached out and said that the “Monero community is interested in helping victims of unwanted system mining and other nefarious actions” but has also stated that the Monero team “will never be able to prevent every machine from being compromised.”

Ehrenhofer also suggested that he thinks that hackers take particular advantage of the token owing to Monero’s privacy features to perform the illicit mining.

Currently, Monero is up by a fantastic 10.45% day-on-day, and presently trades at $132.23 USD.

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Written by

Internet writer looking to find the right piece. Also presents things on radio and happens to be a chip off the old blockchain. @BeckyRLeighton

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