Hacked Amazon Cloud Accounts Used For Crypto Mining
Source: Pixabay

Hackers are taking over Amazon cloud accounts and using them to mine crypto. According to a recent Business Insider report, some Amazon cloud users have seen their bill rise by over 500 times due to hackers.

Details Of The Hacking Sage

In one instance, a Seattle developer named Chris Chin saw his Amazon Web Services account incur a bill of over $53,000, which was far higher than his usual $100 to $150 bill. Chin suspected that he had been hacked by crypto miners after seeing the bill.

Cloud Services Lay Blame On Customers

According to the Business insider report, cloud services providers such as Google Cloud, AWS, and Microsoft Azure, usually shift the blame to customers for such hacks. According to these cloud services providers, the blame lay squarely in the hands of users for their failure to configure security settings properly. In the report, a Google spokesperson stated that nearly 75% of hacks were as a result of poor security practices and vulnerable third-party software.

On its part, AWS pointed to its shared responsibility model and stated that its accounts were secure by default. The company further stated that while it was responsible for the infrastructure, customers were responsible for security. For users, that does not provide any consolation. Essentially, one-time mistakes can place them in crippling lifetime debt.

Rising Value Of Crypto Makes Hacking More Lucrative

While the hacking of cloud services accounts has been around for over a decade, the rising value of crypto has made the illegal practice more lucrative. For instance, in November 2021, the value of BTC hit a new all-time high of $69,000. At the same time, the mining difficulty has risen, which means hackers need even more mining power to mine BTC.

In another example of crypto hacking, Jonny Platt, the founder of SEO Scout, tweeted that crypto hackers had incurred a $45,000 bill on his AWS account. According to him, the hackers made just over $800 worth of Monero using his compromised account. Platt later tweeted that Amazon had agreed to waive the $45,000 bill.

In another example of cloud account hacking, a California College student took to Reddit to describe how hackers had run up a $55,000 bill using his AWS account. The student stated that the hackers drained almost all of his savings meant for tuition.

AWS accounts are not the only ones being compromised. In a recently published report by Google, the company stated that a majority of hacked Google Cloud accounts were used for cryptojacking. 

The issue has already found its way to federal court. In one instance, a Missouri-based tech firm filed a federal lawsuit after it was charged $760,000 resulting from cryptojacking activity. In most instances, AWS usually waives the fees run up by hackers. However, navigating the AWS customer support to have the bill waived can be complicated, according to the Business Insider report.

 For now, there does not appear to be an easy solution to the issue. However, users can take the most basic security measures to secure their accounts. For instance, they could use complex passwords, and enable 2FA. Additionally, they should carefully scrutinize the third-party applications they install in their accounts. Finally, customers of cloud services should always reach out to customer support to have the bill waived. While the process may be arduous, it beats paying a bill of tens of thousands of dollars. 

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however, no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the cryptocurrency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal, or accounting advice.

This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal, and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

Crypto Mining Farms Gaining Traction as Iran Currency Crisis Looms. Government Clamps Down

Photo Cred To Vilson Frangaj Via Flickr Iran has faulted an uncommon upsurge…
Nvidia Will Restrict Crypto Mining In New Graphics Cards

Nvidia Will Restrict Crypto Mining In New Graphics Cards

Nvidia plans to ship out its RTX 3060 graphics cards with software…
What Are Bitcoin Miner Hardware Codes and How Do They Work?

What Are Bitcoin Miner Hardware Codes and How Do They Work?

Bitcoin is a digital currency that operates on a decentralized blockchain network.…

China Seizes 6,890 Crypto Mining Rigs

A report by a Chinese state media outlet claims that authorities in China have…
Amended EU Crypto Law Still Hostile To Bitcoin And Other PoW Cryptocurrencies

Amended EU Crypto Law Still Hostile To Bitcoin And Other PoW Cryptocurrencies

The EU’s Market in Crypto-Assets Directive, or MiCA, is a bill that…
Gryphon Raises $14 Million To Drive Sustainable Bitcoin Mining

Gryphon Raises $14 Million To Drive Sustainable Bitcoin Mining

Before the digital asset boom, very few crypto enthusiasts thought about Bitcoin…
Is USDC Safe? Understanding the Risks and Benefits of this Stablecoin

Is USDC Safe? Understanding the Risks and Benefits of this Stablecoin

As the popularity of cryptocurrency continues to rise, stablecoins have become an…

Leadership Wrangles At Bitmain Lead To The Disappearance Of 10,000 Antminers

An announcement by the Bitmain team claims that 10,000 Antminers have been…
How To Mine XRP

How To Mine XRP – Can It Even Be Done?

Are you interested in mining XRP, one of the most popular cryptocurrencies…
Bitcoin Mining & PC Gaming From One Computer

Bitcoin Mining & PC Gaming From One Computer

Bitcoin mining tends to be popular among pc gaming enthusiasts. This is…