Google: miners hack users’ cloud accounts to mine crypto

Fri 26 Nov 2021 ▪ 19h56 ▪ 3 min read — by James Taylor

More and more enterprises are adopting cloud storage options since they are often the best way to manage storage costs over time. In essence, for a fee, or sometimes even free of charge, clouds offer you additional computing power. And the best thing is, your equipment doesn’t have to match these capacities, meaning that the user can use the full potential of this technology even without a modern computer.

Google Cloud accounts used for crypto mining

As we all know, cryptocurrency takes a lot of energy to keep things running, in addition to requiring expensive up-to-day equipment, which often proves unaffordable for many miners. Therefore, many of them use Google Cloud, which gives them access to large amounts of computing power.

But even though Google Cloud is much cheaper than an actual mining rig, some people still don’t want to pay for computing power. That’s why they hack other people’s Google Cloud accounts in order to mine crypto through them.

This method of mining has become very popular among malicious actors, as evidenced by Google’s recent report, aiming to provide information about possible hacking attempts as well as to protect its users from them.

Most cloud accounts hacked were used for mining cryptocurrencies

Google stated that 86% of 50 recently compromised Cloud accounts were used to perform cryptocurrency mining. In the majority of the breaches, cryptocurrency mining software was downloaded within 22 seconds of the account being hacked, Google added.

Only 10% of the compromised accounts were used to conduct scans of other publicly available resources on the internet to identify vulnerable systems, and approximately 8% were used to attack other targets. Also notable that last year, statistics were drastically different from today’s indicators, likely due to crypto’s surge in popularity over the past year.

Nevertheless, Google admits that the real situation differs from the statistics, these figures only representing successful hacks and ignoring those prevented on Google Cloud. Still, despite many attacks failing, most of them may have been linked to illegal crypto mining.

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James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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