Earlier this week, the Monero (XMR) community announced the launch of a new website that aims to educate users on cleaning up crypto-jacking malware and ransomware.
Easing Malware Victims’ Confusion and Frustration
The ease of mining and privacy of Monero are standout features for the coin. However, the features attract bad actors who use the coin in malware.
Justin Ehrenhofer, the director of the Malware Response Workgroup, told that two main factors make XMR attractive to hackers:
“Attackers like Monero for two reasons: 1) it is private, so they do not need to worry about companies and law enforcement tracing what they do with the Monero after they mine it, and 2) Monero uses a Proof of Work (PoW) algorithm that is CPU and GPU-friendly; thus, the infected machines are competitive. These two components are increasingly distinguishing factors for why attackers choose to mine Monero over other cryptocurrencies.”
The capability to use cryptocurrency in malware is not unique to Monero. Bitcoin and other digital currencies have been used in the same attacks described above, but XMR has privacy features that make it stand out.
Asked what led to the creation of the working group, Ehrenhofer said, “We created this workgroup to help the victims of these mining/ransomware attacks, who often have no idea what Monero, mining, and cryptocurrencies are… the increased prevalence of Monero-related malware prompted the formation of the workgroup.”