CRYPTOJACKING 101

WHAT IS CRYPTOJACKING AND HOW DOES IT WORK?
Cryptojacking refers to the unauthorized use of a victim's computer resources to mine cryptocurrencies. Cybercriminals employ malicious scripts, often disguised as unsuspecting programs, which are unknowingly installed by victims. This can occur through actions like clicking on unknown links in emails or visiting infected websites. Once installed, these scripts enable the criminal to access the victim's computer and use programs known as "coin miners" to mine cryptocurrencies.

WHY IS CRYPTOJACKING A CONCERN?
While cryptojacking may appear relatively harmless, it is a significant concern as victim's computing power is exploited without their consent or knowledge, providing an unfair advantage to criminals in creating currency. Additionally, a large number of infected devices collectively generate substantial amounts of cryptocurrency, making it a profitable endeavor for cybercriminals. And electricity bills may be very expensive.

MONEY LAUNDERING/CRYPTOJACKING DILEMMA
Cryptojacking and money laundering are distinct concepts, but they can be connected indirectly in certain cases. Let's clarify the relationship between the two:

Cryptojacking involves the unauthorized use of someone's computing resources to mine cryptocurrencies, as explained earlier. It is a form of cybercrime. While cryptojacking can be financially damaging to the victim by consuming their resources, it is not inherently a form of money laundering.

Money Laundering: Money laundering, on the other hand, is the process of making illegally obtained funds appear legal by disguising their origin or ownership.

While cryptojacking itself is not money laundering, the opinion is that proceeds obtained from cryptojacking activities are proceeds of crime since they were obtained illegally.

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