Page 231 - Cyber Defense eMagazine August 2024

Illegal Crypto Mining: How Businesses Can Prevent Themselves

From Being ‘Cryptojacked’

By Andy Syrewicze, Security Evangelist at Hornetsecurity

The popularity of cryptocurrencies like Ethereum and Bitcoin surged during the pandemic era. What
began as a niche, almost novelty form of payment in the 2010s, transformed into a legitimate financial
asset. These currencies significantly contributed to the development of emerging technologies such as
the metaverse and Web 3.0, a decentralized, blockchain-based version of the Internet open to everyone.

Although excitement around the metaverse and Web 3.0 has somewhat diminished, cryptocurrencies
have maintained a strong presence in business and technology. Despite a collective drop in 2022, Bitcoin
has since reached record highs, with other popular coins also experiencing significant value increases.

The rising value of Bitcoin and other cryptocurrencies may lead to an increase in crypto mining operations
by individuals and groups aiming to capture a share of these gains. However, if this trend continues, it

Cyber Defense eMagazine – August 2024 Edition 231
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