What Is Crypto-Malware?

Crypto-malware is a type of malicious software, or malware, designed to carry out long-term cryptojacking cyberattacks.

Cryptomining, Cryptojacking and Other Crypto-malware Terms Explained

To understand what crypto-malware is and how it works, it is helpful to know what cryptocurrency is and how it is created.

Here we review a few related terms:

• Cryptocurrency
• Cryptomining
• Cryptojacking or criminal cryptomining

Cryptocurrency is a digital currency that can be traded online for goods and services based on blockchain technology. Unlike money, cryptocurrency is encrypted and decentralized, meaning it is unable to be modified and there is no central authority that manages it. While cryptocurrency can be used for legitimate purposes, it is also the currency of choice among cybercriminals given its inability to be traced. Bitcoin is the most well-known cryptocurrency, though Monero is also becoming increasingly popular among cybercriminals.

Cryptomining, or cryptocurrency mining, is the process of creating a unit of cryptocurrency wherein "miners" solve complex mathematical equations in order to validate data blocks and add transaction details to a blockchain. This activity, which is legal, is rewarded by payment via cryptocurrency.

Cryptojacking, sometimes called criminal cryptomining, is the unauthorized use of a person's or organization's computing resources to mine cryptocurrency.

Crypto-malware is a form of malware that enables a threat actor to carry out cryptojacking activity. While the process used by hackers is essentially the same as compared to that used by legitimate cryptominers, crypto-malware leverages another user’s devices and processing power to gain payment. In doing so, these attacks drain significant resources from the victim’s computer without any payoff for the device’s owner.