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THE ILLICIT CRYPTOCURRENCY MINING THREAT Figure 2. Monero Miner for sale on Wall St. Market, an online marketplace on the “dark web.” a disruptive risk that enterprises must mitigate. Because this threat is relatively new, many people do not understand it, its potential significance, or what to do about it. Therefore, CTA decided to use the combined resources of its members to produce this Joint Analysis. This CTA Joint Analysis will describe the current state of illicit cryptocurrency mining, its impacts, recommendations to reduce your risk, and a discussion of the future of the illicit mining threat. I. THE RECENT RISE OF ILLICIT CRYPTOCURRENCY MINING Cryptocurrencies such as Bitcoin and Monero have seen a marked increase in adoption by individuals and organizations since their inception in 2009, becoming more mainstream as a method of conducting transactions online and as an investment. This increased demand has driven the value of cryptocurrency to impressive heights, with Bitcoin nearing $20,000 per coin in 20171. Anything that has monetary value eventually attracts criminal activity. Soon after their creation, cryptocurrencies were used as a tool to purchase illegal items and services on the internet due to the presumed anonymity that transactions with cryptocurrencies provide. Underground markets on the “dark web,” which sell drugs, weapons, stolen data, malware, and even zero-day exploits, enable actors to use and trade cryptocurrencies, fueling the underground criminal economy. Cryptocurrencies are also used to pay ransoms in ransomware attacks, and they have been used by malicious cyber actors to purchase and maintain computing infrastructure for illegal cyber operations. Cryptocurrencies are created through a process called mining, where the digital currency is awarded to individuals or groups that leverage their computing processing power to solve complex mathematical equations. In the majority of cases, mining is conducted by users legitimately, with their consent, either through programs and applications run on their computers or via web browsers that mine coins while you visit particular sites. However, over the past few years, and in line with the increased value of cryptocurrencies, malicious 1 https://cointelegraph.com/news/bitcoin-hits-20000-per-coin-capping-year-of-enormous-growth 5PDF Image | ILLICIT CRYPTOCURRENCY MINING THREAT
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