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Cryptocurrency Crime: Behaviors of Malicious Smart Contracts in Blockchain


Abstract:

Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could ...Show More

Abstract:

Blockchain and smart contracts can be used to facilitate almost any financial transaction. Thanks to these smart contracts, the settlement of dividends and coupons could be automated. The blockchain would allow all these transactions to be saved in a single ledger rather than in many databases through many organizations as is currently the case. Smart contracts have become lucrative and profitable targets for attackers because they can hold a large amount of money. This paper takes stock of cryptocurrency crime by assessing attacks due to smart contracts and the cost of losses. These losses are often the result of two types of malicious contracts: vulnerable contracts and criminal smart contracts. Studying the behavior of malicious contracts allows us to understand the root causes and consequences of attacks and the defense capabilities that exist although they do not definitively solve the crime problem. It makes it possible to approach new defense perspectives which will be concretized in future work.
Date of Conference: 31 October 2021 - 02 November 2021
Date Added to IEEE Xplore: 25 November 2021
ISBN Information:
Conference Location: Dubai, United Arab Emirates

Introduction

Blockchain technology is one of the most popular problems in recent years. Although blockchain technology prevents fraudulent behaviors, it cannot detect fraud by itself [32] [68] [71]. The use of blockchain applications such as bitcoin encourages cybercriminals to engage in cybercrime. As a result, Smart Contracts technology has been put in place to block these criminals [40]. They facilitate payment equity in commerce by providing irreversible transactions and are also used for illegal or malicious activities such as money laundering and ransomware [49] [19] [33].

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References

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