Crypto Hack – A New Type Emerges In South Africa

Blockchain, FinTech, Investing, News | March 2, 2019 By:

Reports have been coming in about a new type of cryptocurrency hack in South Africa recently. However, this is completely different. The usual crypto hacks we are used to are basic “brute force” attacks on cryptocurrency exchanges but this is different.

The hack is directed to users’ Mobile Devices. After the break-in, the hacker then hi-jacks the device’s computing power to use it for crypto hacking. Although it is not a direct theft of cryptocurrencies, it is still a hack and classified as “intrusion”. The police have already issued warnings to the general public, telling them about the signs of the hack. Usually, the Smartphone just slows down and heats up very fast. There is no clear way to find the mining process through the operation history, but some cases have come up where victims saw additional browsing histories in their Google Chrome apps.

This hack could be one of the worst ones however. In the past, the only people that had to worry about hackers were cryptocurrency holders. Now even unsuspecting people could become victims. So far, there are no reports of people having their bank accounts hacked alongside the Smartphone, but it is still a possibility.

Ideal place for the hack

South Africa was recently classified as #1 in terms of Crypto holder population percentage by a survey. Overall, the financial operations in the country have been looking up and BTC trading is no exception. However, in terms of cybersecurity, the country is behind some of the ones it overtook in the survey, hence they became the perfect target.

Some South African programmers have already advised the populace how to protect themselves from the hackers. One of the most popular advice was to install a mining-blocker extension on their internet browsers, not only Google Chrome, but all of them. The extension is quite small and is very effective. The reason is quite simple. Its only purpose is to block any unauthorized mining software to be installed or connected to the phone, much like Ad-Blocker blocks all of the unnecessary ads on various platforms.

The hackers require an internet connection in order to start mining cryptocurrencies, and if they are deprived of even accessing it from the Smartphone, it will be no use for them to even remain on the same device.

Phones affected

In most cases, the devices that were affected by the hacks were older models. However, remember that older may mean 3 or even 2-year-old models. All of the new ones from various companies were able to resist the break-ins and retain their security.

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