Suah Kim
ABSTRACT
Bitcoin exchanges rely heavily on traditional intrusion detection system to secure their system. However, this reliance has proven to be high risk, since Bitcoin and other blockchain-based transactions are not easily reversible. Many of the attacks have shown that the traditional intrusion detection system is not enough to safeguard against all possible attacks, and most importantly, in some cases, it takes a long time to assess the damage. In this paper, we first describe three types of intrusion models in Bitcoin exchanges and propose a detection and mitigation system using blockchain analysis for each. The proposed detection and mitigation system exploit the decentralized and public nature of Bitcoin blockchain to complement the existing traditional intrusion detection system as a fail-safe. The proposed method provides real-time intrusion detection capability that the existing work cannot provide. Although the proposed method is specifically for Bitcoin blockchain, similar ideas can be extended to other proof-of-work based blockchain cryptocurrencies.
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Index Terms
- Intrusion Detection and Mitigation System Using Blockchain Analysis for Bitcoin Exchange
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