A new report has been released by cyber security firm McAfee Labs on the state of crypto-related cyber-crime, and puts a spotlight on a staggering Q2 increase in reported cases of cryptojacking. According to the firm’s latest threat report, cryptocurrency mining malware – also known as cryptojacking – has risen by as much as 86% in the second quarter of 2018.

Cryptojackers typically target the personal computers of unsuspecting users, however, McAfee’s report suggests that cyber criminals have begun gaining access to other internet-connected devices, including Wi-Fi routers and smartphones. Lead Scientist at McAfee Advanced Threat Research explains:

“A few years ago, we wouldn’t think of internet routers, video-recording devices, and other Internet of Things devices as platforms for cryptomining because their CPU speeds were too insufficient to support such productivity. Today, the tremendous volume of such devices online and their propensity for weak passwords present a very attractive platform for this activity.”

McAfee’s report also points out that cryptojacking has increasingly become the threat of choice for cyber criminals. As cases of cryptojacking rise, reports of ransomware have declined. According to the data, ransomware dropped as much as 32% in Q1 compared to a 629% increase in cryptojacking during the same timeframe.

The data further supports rival cyber threat firm Kaspersky Labs comments suggesting that cryptojacking had overtaken ransomware as the king of cyber-crimes.

Cases of cryptojacking have skyrocketed throughout 2018, affecting major businesses such as Tesla. Cryptojacking software has even been discovered in the code of popular video games.

The threat involves hackers installing malicious software on a user’s PC or internet-connected device in order to gain access to computer resources that are then diverted toward mining for cryptocurrencies like Monero. As much as 5% of all the Monero in circulation is said to have been mined via cryptojacking malware.