Report: Fraudulent Monero Mining Generates $100K Per Month for Hackers

A German university released a cryptocurrency mining-centric report, Aug. 14, noting a rise in revenue generated by illegal mining software, despite the fall in “cryptojacking.” Coinhive Faces the Heat Again As reported by Digital Trends, RWTH University in Aachen, Germany, has presented a detailed account of the infamous, browser-based miner Coinhive being used to produce over $250,000 worth of Monero (XMR) per month for attackers, as per trading value denoted by CryptoSlate at the time of writing. Developed to be a social good, the Coinhive miner was initially introduced to crypto-enthusiasts to allow them to exchange their extra computing power for access to mine the Monero network. The code, however, targets websites seeking to make money without advertisements, meaning a user’s computer will slow down while it generates coins in exchange for ad-free viewing. Hackers, meanwhile, have configured Coinhive to send a user’s mined Monero to their own digital wallets by hacking websites and

Like this article? Take a second to support us on Patreon!