'Malicious Actors' Performing Crypo Mining Via Compromised Cloud Accounts

KEY POINTS

Google claims that crypto miners are using compromised cloud accounts
86% of compromised accounts were used in mining processes
Many accounts were put to mining tasks within 22 seconds after compromise

“Malicious actors” are using compromised Google cloud accounts for solving the computations involved in cryptocurrency mining, the Alphabet-owned tech giant said in a cybersecurity report.

Proof-of-Work blockchain networks like Bitcoin or Filecoin works when users solve complex problems in order to validate transactions. In turn, the users are rewarded with block rewards for each block they mine.

Users can access crypto mining using Google cloud for a fee. However, according to Google, nearly 86% of the 50 recently compromised Google cloud accounts were used to mine cryptocurrencies.

Google also noted that within 22 seconds of the cloud accounts being compromised, cryptocurrency mining software was downloaded, hinting at the goal of the coders responsible for the compromise.

“The cloud threat landscape in 2021 was more complex than just rogue cryptocurrency miners, of course,” wrote Bob Mechler, director of the office of the chief information security officer at Google Cloud, and Seth Rosenblatt, security editor at Google Cloud, in a blog post.

Bitcoin mining has been on the hit list of many regulators because of its huge energy requirement. Recently, Kazakhstan, the second biggest haven for cryptocurrency miners that were ousted from China after its crypto crackdown, has reported that it is not benefitting from Bitcoin mining. There is a huge electricity shortage in the nation which used to have electricity abundance and low rates. The country borrowed electricity from Russia.