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THE ILLICIT CRYPTOCURRENCY MINING THREAT to work harder to exploit more secure systems, the miners’ return on investment will eventually diminish to the point where illicit mining is no longer worth the effort. This CTA Joint Analysis brings together the analytic capabilities and insights of our member companies to highlight the growing threat of illicit cryptocurrency mining and to serve as a call to arms to mitigate the threat. In Section II, we describe the basics of cryptocurrencies and cryptocurrency mining. Section III describes the current state of illicit cryptocurrency mining, describing binary-based and browser-based mining, the difference between legitimate and illicit mining activities, and recent changes to the sophistication of malicious mining software. Section IV describes the impacts of illicit cryptocurrency mining on enterprises and users. Section V provides recommendations for addressing the threat, and Section VI provides several possible future trends for illicit mining. II. THE BASICS: CRYPTOCURRENCY AND MINING The upward trend in 2017 of the cryptocurrency markets has caused media outlets and investors to cover cryptocurrency nonstop, ultimately causing massive “word-of-mouth” marketing and, with the help of investors, pushed the market capitalization past $264 billion13. To better explain the threat illicit cryptocurrency mining poses, it is necessary to highlight the key distinctions and functionality between cryptocurrency and traditional electronic money systems. Understanding how cryptocurrencies work and their growing popularity reveals important motivations for why malicious actors have begun shifting their efforts to illicit mining operations. Figure 4. Electronic Money vs Cryptocurrency CRYPTOCURRENCY ELECTRONIC MONEY Cryptomining ELECTRONIC MONEY Sell Authority Electronic money (e-money) is money used on the internet, whose value is backed by a fiat currency such as the U.S. dollar. Examples of electronic money include PayPal balances, prepaid credit cards from Visa or MasterCard, and stored-value cards for public transportation. When we use these electronic money systems to make payments to another party online, it goes through a trusted third party, like a financial institution, to prevent transactions involving counterfeit e-money and double spending on transactions. CRYPTOCURRENCY Cryptocurrency is also used for digital transactions but is not backed by a trusted third party. Cryptocurrencies offer a distributed model of making payments to another party using cryptographic technology and a proof, such as proof-of-work, to address the issues of counterfeit currency and double spending. Cryptographic proof replaces trust to allow two parties to exchange payment, reduce transaction 13 https://www.cnbc.com/2018/01/08/a-parody-cryptocurrency-just-broke-2-billion-for-its-market-cap.html 8PDF Image | ILLICIT CRYPTOCURRENCY MINING THREAT
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