Over the past few days, the security-centric cryptocurrency network, Monero, has become a target for hackers and a talk in the community. Yesterday, Smartereum.com reported a vulnerability in the Monero wallet that allows hackers to steal XRM and other Monero based tokens from exchanges. For more information about this wallet vulnerability, click here. The reports today is that over 200,000 people have already fallen victim to a mining attack in Brazil alone. Apparently, hackers have been using a mining malware to mine XMR secretly.
Is Monero (XMR) Still Secure?
The online hackers allegedly targeted a brand of routers known as MicroTik. A researcher from TrustWave, Simon Kenin, was the first person to discover and uncover this secret attack. In his words:
“I have to emphasize that this attack is bad, I mean, very bad. There are millions of devices around the world that are served by these routers. Miners have chosen these secrets attacks because they are more beneficial to them than ransomware attacks that end as soon as the user pays the ransom. With these kind of attacks, users can continue to benefit continuously. Their goal is to keep mining until it becomes more profitable or as profitable as a ransomware payout.”
Monero (XMR) Price Today – XMR / USD
Even if the malware doesn’t steal XMR from a user’s wallet or from cryptocurrency traders directly, it affects the user’s computing power and drains a lot of electricity. It secretly mines cryptocurrency using the victims computing power without their knowledge. The malware runs on the coinhive script in the background while users work on their systems. The reports from Forbes is that a small microchip is used within the routers to help the hackers mine the coins secretly.
The recent news about security bridges on the Monero network has left the entire community worried. Known for its advance security protocols, it was surprising to discover that Monero had such loopholes that make it vulnerable to hackers.