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On the Dark Side of the Coin: Characterizing Bitcoin Use for Illicit Activities
Linköping University.
Linköping University, Department of Computer and Information Science, Database and information techniques. Linköping University, Faculty of Science & Engineering.
Univ Calgary, Canada.
Linköping University, Department of Computer and Information Science, Database and information techniques. Linköping University, Faculty of Science & Engineering.ORCID iD: 0000-0003-1367-1594
2024 (English)In: PASSIVE AND ACTIVE MEASUREMENT, PAM 2024, PT II, SPRINGER INTERNATIONAL PUBLISHING AG , 2024, Vol. 14538, p. 37-66Conference paper, Published paper (Refereed)
Abstract [en]

The decentralized nature of Bitcoin allows for pseudonymous money exchange beyond authorities' control, contributing to its popularity for diverse illegal activities such as scams, ransomware attacks, money laundering, and black markets. In this paper, we characterize this landscape, providing insights into similarities and differences in the use of Bitcoin for such activities. Our analysis and the derived insights contribute to the understanding of Bitcoin transactions associated with illegal activities through three main aspects. First, our study offers a comprehensive characterization of money flows to and from Bitcoin addresses linked to different abuse categories, revealing variations in flow patterns and success rates. Second, our temporal analysis captures long-term trends and weekly patterns across categories. Finally, our analysis of outflow from reported addresses uncovers differences in graph properties and flow patterns among illicit addresses and between abuse categories. These findings provide valuable insights into the distribution, temporal dynamics, and interconnections within various categories of Bitcoin transactions related to illicit activities. The increased understanding of this landscape and the insights gained from this study offer important empirical guidance for informed decision-making and policy development in the ongoing effort to address the challenges presented by illicit activities within the cryptocurrency space.

Place, publisher, year, edition, pages
SPRINGER INTERNATIONAL PUBLISHING AG , 2024. Vol. 14538, p. 37-66
Series
Lecture Notes in Computer Science, ISSN 0302-9743
National Category
Philosophy
Identifiers
URN: urn:nbn:se:liu:diva-203800DOI: 10.1007/978-3-031-56252-5_3ISI: 001209301100003ISBN: 9783031562518 (print)ISBN: 9783031562525 (electronic)OAI: oai:DiVA.org:liu-203800DiVA, id: diva2:1863595
Conference
25th Annual International Conference on Passive and Active Measurement (PAM), NW Univ, ELECTR NETWORK, mar 11-13, 2024
Note

Funding Agencies|Wallenberg AI, Autonomous Systems and Software Program (WASP) - Knut and Alice Wallenberg Foundation

Available from: 2024-05-31 Created: 2024-05-31 Last updated: 2024-05-31

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • oxford
  • Other style
More styles
Language
  • de-DE
  • en-GB
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  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
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