arXiv subjects

Jieli Liu

Publications and source records attributed to Jieli Liu.

9 recordsLinked to original sources

arXiv2024

With Trail to Follow: Measurements of Real-world Non-fungible Token Phishing Attacks on Ethereum

With the popularity of Non-Fungible Tokens (NFTs), NFTs have become a new target of phishing attacks, posing a significant threat to the NFT trading ecosystem. There has been growing anecdotal evidence that new means of NFT phishing attacks have emerged in Ethereum ecosystem. Most of the existing research focus on detecting phishing scam accounts for native cryptocurrency on the blockchain, but there is a lack of research in the area of phishing attacks of emerging NFTs. Although a few studies have recently started to focus on the analysis and detection of NFT phishing attacks, NFT phishing attack means are diverse and little has been done to understand these various types of NFT phishing attacks. To the best of our knowledge, we are the first to conduct case retrospective analysis and measurement study of real-world historical NFT phishing attacks on Ethereum. By manually analyzing the existing scams reported by Chainabuse, we classify NFT phishing attacks into four patterns. For each pattern, we further investigate the tricks and working principles of them. Based on 469 NFT phishing accounts collected up until October 2022 from multiple channels, we perform a measurement study of on-chain transaction data crawled from Etherscan to characterizing NFT phishing scams by analyzing the modus operandi and preferences of NFT phishing scammers, as well as economic impacts and whereabouts of stolen NFTs. We classify NFT phishing transactions into one of the four patterns by log parsing and transaction record parsing. We find these phishing accounts stole 19,514 NFTs for a total profit of 8,858.431 ETH (around 18.57 million dollars). We also observe that scammers remain highly active in the last two years and favor certain categories and series of NFTs, accompanied with signs of gang theft.

cs.CR↗

arXiv2023

Streaming phishing scam detection method on Ethereum

Phishing is a widespread scam activity on Ethereum, causing huge financial losses to victims. Most existing phishing scam detection methods abstract accounts on Ethereum as nodes and transactions as edges, then use manual statistics of static node features to obtain node embedding and finally identify phishing scams through classification models. However, these methods can not dynamically learn new Ethereum transactions. Since the phishing scams finished in a short time, a method that can detect phishing scams in real-time is needed. In this paper, we propose a streaming phishing scam detection method. To achieve streaming detection and capture the dynamic changes of Ethereum transactions, we first abstract transactions into edge features instead of node features, and then design a broadcast mechanism and a storage module, which integrate historical transaction information and neighbor transaction information to strengthen the node embedding. Finally, the node embedding can be learned from the storage module and the previous node embedding. Experimental results show that our method achieves decent performance on the Ethereum phishing scam detection task.

cs.SI↗

arXiv2023

Bubble or Not: Measurements, Analyses, and Findings on the Ethereum ERC721 and ERC1155 Non-fungible Token Ecosystem

The non-fungible token (NFT) is an emergent type of cryptocurrency that has garnered extensive attention since its inception. The uniqueness, indivisibility and humanistic value of NFTs are the key characteristics that distinguish them from traditional tokens. The market capitalization of NFT reached 21.5 billion USD in 2021, almost 200 times of all previous transactions. However, the subsequent rapid decline in NFT market fever in the second quarter of 2022 casts doubts on the ostensible boom in the NFT market. To date, there has been no comprehensive and systematic study of the NFT trade market or of the NFT bubble and hype phenomenon. To fill this gap, we conduct an in-depth investigation of the whole Ethereum ERC721 and ERC1155 NFT ecosystem via graph analysis and apply several metrics to measure the characteristics of NFTs. By collecting data from the whole blockchain, we construct three graphs, namely NFT create graph, NFT transfer graph, and NFT hold graph, to characterize the NFT traders, analyze the characteristics of NFTs, and discover many observations and insights. Moreover, we propose new indicators to quantify the activeness and value of NFT and propose an algorithm that combines indicators and graph analyses to find bubble NFTs. Real-world cases demonstrate that our indicators and approach can be used to discern bubble NFTs effectively.

cs.CY↗

arXiv2022

Temporal Analysis of Transaction Ego Networks with Different Labels on Ethereum

Due to the widespread use of smart contracts, Ethereum has become the second-largest blockchain platform after Bitcoin. Many different types of Ethereum accounts (ICO, Mining, Gambling, etc.) also have quite active trading activities on Ethereum. Studying the transaction records of these specific Ethereum accounts is very important for understanding their particular transaction characteristics, and further labeling the pseudonymous accounts. However, traditional methods are generally based on static and global transaction networks to conduct research, ignoring useful information about dynamic changes. Our work chooses six kinds of important account labels, and builds ego networks for each kind of Ethereum account. We focus on the interaction between the target node and neighbor nodes with temporal analysis. Experiments show that there is a significant difference between various types of accounts in terms of several network features, helping us better understand their transaction patterns. To the best of our knowledge, this is the first work to analyze the dynamic characteristics of Ethereum labeled accounts from the perspective of transaction ego networks.

cs.CR↗

arXiv2022

TRacer: Scalable Graph-based Transaction Tracing for Account-based Blockchain Trading Systems

Security incidents such as scams and hacks, have become a major threat to the health of the blockchain ecosystem, causing billions of dollars in losses each year for blockchain users. To reveal the real-world entities behind the pseudonymous blockchain account and recover the stolen funds from the massive transaction data, much effort has been devoted to tracing the flow of illicit funds in blockchains recently. However, most current tracing approaches based on heuristics and taint analysis have limitations in terms of universality, effectiveness, and efficiency. This paper models the blockchain transaction records as a blockchain transaction graph and tackles blockchain transaction tracing as a graph searching task. We propose TRacer, a scalable transaction tracing tool for account-based blockchains. To infer the relevance between accounts during graph searching, we develop a novel personalized PageRank method in TRacer based on the directed, weighted, temporal, and multi-relationship blockchain transaction graphs. To the best of our knowledge, TRacer is the first intelligent transaction tracing tool in account-based blockchains that can handle complex transaction actions in decentralized finance (DeFi). Experimental results and theoretical analysis prove that TRacer can complete the transaction tracing task effectively at a low cost. All codes of TRacer are available at GitHub.

cs.CR↗

arXiv2022

Understanding the Decentralization of DPoS: Perspectives From Data-Driven Analysis on EOSIO

Recently, many Delegated Proof-of-Stake (DPoS)-based blockchains have been widely used in decentralized applications, such as EOSIO, Tron, and Binance Smart Chain. Compared with traditional PoW-based blockchain systems, these systems achieve a higher transaction throughput and are well adapted to large-scale scenes in daily applications. Decentralization is a key element in blockchain networks. However, little is known about the evolution of decentralization in DPoS-based blockchain networks. In this paper, we conduct a systematic analysis on the decentralization of DPoS with data from up to 135,000,000 blocks in EOSIO, the first successful DPoS-based blockchain system. We characterize the decentralization evolution of the two phases in DPoS, namely block producer election and block production. Moreover, we study the voters with similar voting behaviors and propose methods to discover abnormal mutual voting behaviors in EOSIO. The analytical results show that our methods can effectively capture the decentralization evolution and abnormal voting phenomena in the system, which also have reference significance for other DPoS-based blockchains.

cs.NI↗

arXiv2021

Analysis of Cryptocurrency Transactions from a Network Perspective: An Overview

As one of the most important and famous applications of blockchain technology, cryptocurrency has attracted extensive attention recently. Empowered by blockchain technology, all the transaction records of cryptocurrencies are irreversible and recorded in the blocks. These transaction records containing rich information and complete traces of financial activities are publicly accessible, thus providing researchers with unprecedented opportunities for data mining and knowledge discovery in this area. Networks are a general language for describing interacting systems in the real world, and a considerable part of existing work on cryptocurrency transactions is studied from a network perspective. This survey aims to analyze and summarize the existing literature on analyzing and understanding cryptocurrency transactions from a network perspective. Aiming to provide a systematic guideline for researchers and engineers, we present the background information of cryptocurrency transaction network analysis and review existing research in terms of three aspects, i.e., network modeling, network profiling, and network-based detection. For each aspect, we introduce the research issues, summarize the methods, and discuss the results and findings given in the literature. Furthermore, we present the main challenges and several future directions in this area.

cs.SI↗

arXiv2021

Detecting Mixing Services via Mining Bitcoin Transaction Network with Hybrid Motifs

As the first decentralized peer-to-peer (P2P) cryptocurrency system allowing people to trade with pseudonymous addresses, Bitcoin has become increasingly popular in recent years. However, the P2P and pseudonymous nature of Bitcoin make transactions on this platform very difficult to track, thus triggering the emergence of various illegal activities in the Bitcoin ecosystem. Particularly, mixing services in Bitcoin, originally designed to enhance transaction anonymity, have been widely employed for money laundry to complicate trailing illicit fund. In this paper, we focus on the detection of the addresses belonging to mixing services, which is an important task for anti-money laundering in Bitcoin. Specifically, we provide a feature-based network analysis framework to identify statistical properties of mixing services from three levels, namely, network level, account level and transaction level. To better characterize the transaction patterns of different types of addresses, we propose the concept of Attributed Temporal Heterogeneous motifs (ATH motifs). Moreover, to deal with the issue of imperfect labeling, we tackle the mixing detection task as a Positive and Unlabeled learning (PU learning) problem and build a detection model by leveraging the considered features. Experiments on real Bitcoin datasets demonstrate the effectiveness of our detection model and the importance of hybrid motifs including ATH motifs in mixing detection.

cs.SI↗

arXiv2020

Exploring EOSIO via Graph Characterization

Designed for commercial decentralized applications (DApps), EOSIO is a Delegated Proof-of-Stake (DPoS) based blockchain system. It has overcome some shortages of the traditional blockchain systems like Bitcoin and Ethereum with its outstanding features (e.g., free for usage, high throughput and eco-friendly), and thus becomes one of the mainstream blockchain systems. Though there exist billions of transactions in EOSIO, the ecosystem of EOSIO is still relatively unexplored. To fill this gap, we conduct a systematic graph analysis on the early EOSIO by investigating its four major activities, namely account creation, account vote, money transfer and contract authorization. We obtain some novel observations via graph metric analysis, and our results reveal some abnormal phenomenons like voting gangs and sham transactions.

cs.SI↗