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Black Hat Hackers Steal Almost $2 Million in Monero

By Tyler S - Wallet Specialist - 30-06-2021

Hacking is an unfortunately well-known aspect within cyberspace and is often connected to the cryptocurrency trading universe. Many platforms that help users exchange crypto try to build strong security to avoid hacks. However, hackers are known for finding loopholes within systems to hack into. Even though major hacking stories are becoming less frequent within the crypto world, not all the reports are bad.

To clarify, most people are aware of the hackers that steal with malicious intent and relate this to criminal activity. However, not many people are aware of the different types of hackers at play. White hat hackers are known for finding bugs and loopholes within systems and being rewarded for improving security after finding any entrances. Grey hat hackers are known for being hobbyists; they don't have any malicious intent but will hack into systems purely because they want to. The people to watch out for are the black hat hackers.

In recent news, black hat hackers have struck the crypto scene, using a virus dubbed Crackonosh to steal a significant amount of cryptocurrency. According to reports, hackers have used the virus system to steal the crypto asset Monero (XMR). Reportedly, as of writing, the criminal stole around $2 million worth in Monero; this means that about 4% of the XMR in circulation has been claimed by illicit Monero mining malware. In total, the hackers received $57 million as a result of the virus.

The virus Crackonosh was designed to install coin miner XMRig. Within one wallet that was discovered out of the many, experts were able to pull out some statistics. According to the pool sites, there have been large crypto transactions equalling the current value of $2 million, or 9000 XMR. The incident affected well over 200,000 users around the world.

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