The tech giant is taking the measure after a rise in malicious browser extensions that mine digital money by hijacking the processing power of users' computers. The clampdown follows Google’s recent move to stop serving any and all adverts promoting virtual currencies and initial coin offerings.
Bitcoin gets all the press these days when it comes to cryptocurrency but the gap in market capitalization is narrowing.
The attack itself unfolded within the span of two minutes on March 7. Hackers made a flurry of automated transactions that involved the digital currencies Viacoin (VIA) and Bitcoin (BTC).
Tools for mining cryptocurrencies also fall into this category, as in many cases the websites cannot warn users since they have been compromised themselves, hence even the administrators may not be aware that they are contributing to mining for the benefit of an attacker.
The recent rise in cryptocurrency scams appearing on the Android platform in disguise has shown that such incidents are not exclusive to PCs and also highlight the importance of knowing what to look out for so you do not unintentionally take part.
If undetected by a user’s security solution or content- or ad-blocker, the script ran in the background unbeknown to the user until the webpage was closed. A number of the affected websites, including that of the ICO, were also offline for hours in the aftermath of the attack.
As part of the policy, underage individuals and foreigners without local bank accounts will be barred from trading in virtual currencies. Banks will be required to share information about cryptocurrency exchanges with each other.
Bitcoin, the progenitor of the entire cryptocurrency boom and still the most popular virtual currency, experienced a truly heady run-up in value. Its price surge was punctuated with a crescendo midway through December, when a single bitcoin approached $20,000.
The energy costs are not the only charges in a transaction: the bitcoin network itself levies a charge which, according to a blog from Valve, the gaming provider behind the Steam network, has skyrocketed from $0.20 in 2016 to $20 per transaction today
With all the hype around cryptocurrencies, cybercriminals are trying to grab whatever new opportunity they can – be it hijacking users’ computing power to mine cryptocurrencies via browsers or by compromising unpatched machines, or various scam schemes utilizing phishing websites and fake apps.
Cryptocurrency mining has been used by cybercriminals to make a quick and easy profit while corrupting the victim’s machine in the process.
Cryptocurrencies work on a decentralized methodology, there is no server or centralized place that holds account details and transactions.