Monero Mining Botnet stealing Millions in Global Fraud

With the current fluctuations in the Cryptocurrency markets you would be forgiven for thinking that all of the currencies are on a downward spiral, but there are a few that are bucking the trend. Bitcoin rivals such as Monero and Ethereum are still heading in a positive direction even after a brutal period of boom and correction that has seen speculators take a beating.

Smominru Monero Mining botnet

Smominru Monero Mining botnet

The continued growth has meant that various parties are trying their hardest to cheat the system. The Smominru Botnet has been extremely active in creating millions of dollars in various cryptocurrencies by using a combination of Ransomware and theft. Due to the intensive nature of mining a cryptocurrency, these botnet operators are also stealing the processing power of unsuspecting users in order to “mine” currencies.

An investigation by Proofpoint has uncovered the various ways in which botnet operators have been collecting millions of dollars. These operators have been using a well-known exploit but have stunned Proofpoint by the use of certain software. On their page, Proofpoint stated, “However, the miner’s use of Windows Management Infrastructure is unusual among coin mining malware.”

The Smominru Monero Mining botnet is making millions for its operators!

The rise in cryptocurrencies has always meant that there was an incentive for criminals to attack the system. Though the use of innocent users machines for “mining” is a tactic that may not have been thought of. Miners and exchanges now have an enormous task to try and root out the criminals who have been abusing the system.

The lack of security or responsibility in the cryptocurrency world is one of the main factors for many investors to stay away. A general lack of understanding and fear for their money means that cryptocurrency has a hill to climb before it becomes acceptable in the mainstream. The decentralized nature of the currencies means that the will always be targeted for abuse and there will be no responsibility to put it right. Users will need to beware going forward to try and avoid becoming duped into fraud.

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Karan Khanna is a passionate Windows 10 user who loves troubleshooting Windows problems in specific and writing about Microsoft technologies in general.