Hackers Hijack Millions of Smartphones to Mine Cryptocurrency

Hackers have been secretly hijacking millions of smartphones in order to mine the cryptocurrency monero, new research reveals.

Analysts at security firm Malwarebytes first spotted the illicit cryptocurrency mining, known as cryptojacking, in late January but only published details of the campaign this week.

The research explains how a phone’s processing power is being used to mine cryptocurrency—the process of generating virtual currencies like bitcoin by completing complex equations in order to confirm transactions—when visiting certain websites.

“We estimate that the traffic combined from the domains we identified so far equals to about 800,000 visits per day, with an average time of four minutes spent on the mining page,” said Jerome Segura, lead intelligence analyst at Malwarebytes researchers.

A view of a Bitcoin token and a miniature miner figure. Bitcoin is a cryptocurrency and a digital payment system invented…

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