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‘Cryptojacking’ rises 30% to record highs despite crypto slump: Report

New research shows that despite falling digital asset prices, cryptojacking has reached record levels in the first half of 2022. According to a mid-year update on cyber threats by American cybersecurity company SonicWall, global cryptojacking volumes rose by $66.7 million, or 30%, in the first half of 2022 compared with the same period last year. Cryptojacking is a cybercrime whereby malicious actors commandeer a victim’s computer resources by infecting the machine with malware designed to mine cryptocurrencies. It is often executed through vulnerabilities in web browsers and extensions. Source: SonicWallThe report stated that the overall rise in cryptojacking can be attributed to a couple of factors. Firstly, cybercriminals are leveraging the Log4j vulnerability to deploy attacks in the cloud. In December 2021, a critical vulnerability affecting java-based logging utility was discovered in the Open Source Library managed by software company Apache. Hackers can exploit it to gain remo..

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IMF global outlook suggests dark clouds ahead for crypto

Investors are warning of further volatility in the digital asset markets as the International Monetary Fund (IMF) forecasts a slowdown in global economic growth. The IMF’s July update on the World Economic Outlook titled “Gloomy and More Uncertain” points to “higher-than-expected inflation,” and a contraction of global output as indicators of incoming poor economic growth. The report states in succinct terms that there are likely economic slowdowns ahead: “The risks to the outlook are overwhelmingly tilted to the downside.”Macro factors have been linked to the crypto bear market, prompting crypto analyst Miles Deutscher to warn his 154,000 Twitter followers to expect volatility in the markets. He noted the incoming earnings reports from Microsoft, Google, Apple and Meta, along with the gross domestic product (GDP) numbers from the United States, could create further turbulence. Crypto investors are also bracing for a rise in interest rates in the United States this week. Bloomberg re..

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