A critical review of Bitcoins usage by cybercriminals

Jithin  Jose; Krishnan Kannoorpatti; Bharanidharan Shanmugam; Sami Azam; Kheng Yeo

doi:10.1109/ICCCI.2017.8117693

A critical review of Bitcoins usage by cybercriminals

Jithin Jose, Krishnan Kannoorpatti, Bharanidharan Shanmugam, Sami Azam, Kheng Yeo

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper published in Proceedings › peer-review

11 Citations (Scopus)

Abstract

Bitcoin is a new form of global digital currency based on peer-to-peer network, enabling a new payment system, and also a completely decentralised cryptocurrency. The P2P network consists of a digital file listing transactions like a ledger, a copy of which is also maintained on every computer on the network, and the transactions are also broadcasted in the public ledger of the Bitcoin network. Anonymity is the core feature that makes Bitcoin popular among people around the world. This feature is attained through the Bitcoin addresses in the public ledger, which represents the users in the Bitcoin network. Because of the illicit use of Bitcoins, the level of anonymity has reduced even though the users are still using the anonymizers like TOR to keep the anonymity stronger to connect to the Bitcoin network. In this paper, we analyse the complete process of transaction of Bitcoins and the anonymity thatlies in that process. The study also focuses on finding the forensic artefacts and the investigative way of approach towards the Bitcoin using forensic tools. The forensic tools are used to analyse the web browser activities, local drive, hard disk image, cookies, downloads and session data related to Bitcoins. The attacker can relate the transaction of the users and can control the Bitcoin blocks by even delaying the transactions. This research will focus on the methods in which the memory and even mobile devices involved in the transaction could be captured and analysed.

Original language	English
Title of host publication	2017 International Conference on Computer Communication and Informatics, ICCCI 2017
Editors	IEEE, Institute of Electrical and Electronics Engineers
Place of Publication	Danvers, Massachusetts
Publisher	IEEE, Institute of Electrical and Electronics Engineers
Pages	1-7
Number of pages	7
Edition	1
ISBN (Electronic)	9781467388542
ISBN (Print)	9781467388559
DOIs	https://doi.org/10.1109/ICCCI.2017.8117693
Publication status	Published - 21 Nov 2017
Event	7th International Conference on Computer Communication and Informatics, ICCCI 2017 - Coimbatore, India Duration: 5 Jan 2017 → 7 Jan 2017

Conference

Conference	7th International Conference on Computer Communication and Informatics, ICCCI 2017
Country/Territory	India
City	Coimbatore
Period	5/01/17 → 7/01/17

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1109/ICCCI.2017.8117693

Cite this

Jose, J., Kannoorpatti, K., Shanmugam, B., Azam, S., & Yeo, K. (2017). A critical review of Bitcoins usage by cybercriminals. In IEEE. I. O. E. A. E. E. (Ed.), 2017 International Conference on Computer Communication and Informatics, ICCCI 2017 (1 ed., pp. 1-7). Article 17392899 IEEE, Institute of Electrical and Electronics Engineers. https://doi.org/10.1109/ICCCI.2017.8117693

Jose, Jithin ; Kannoorpatti, Krishnan ; Shanmugam, Bharanidharan et al. / A critical review of Bitcoins usage by cybercriminals. 2017 International Conference on Computer Communication and Informatics, ICCCI 2017. editor / IEEE, Institute of Electrical and Electronics Engineers. 1. ed. Danvers, Massachusetts : IEEE, Institute of Electrical and Electronics Engineers, 2017. pp. 1-7

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abstract = "Bitcoin is a new form of global digital currency based on peer-to-peer network, enabling a new payment system, and also a completely decentralised cryptocurrency. The P2P network consists of a digital file listing transactions like a ledger, a copy of which is also maintained on every computer on the network, and the transactions are also broadcasted in the public ledger of the Bitcoin network. Anonymity is the core feature that makes Bitcoin popular among people around the world. This feature is attained through the Bitcoin addresses in the public ledger, which represents the users in the Bitcoin network. Because of the illicit use of Bitcoins, the level of anonymity has reduced even though the users are still using the anonymizers like TOR to keep the anonymity stronger to connect to the Bitcoin network. In this paper, we analyse the complete process of transaction of Bitcoins and the anonymity thatlies in that process. The study also focuses on finding the forensic artefacts and the investigative way of approach towards the Bitcoin using forensic tools. The forensic tools are used to analyse the web browser activities, local drive, hard disk image, cookies, downloads and session data related to Bitcoins. The attacker can relate the transaction of the users and can control the Bitcoin blocks by even delaying the transactions. This research will focus on the methods in which the memory and even mobile devices involved in the transaction could be captured and analysed.",

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Jose, J, Kannoorpatti, K , Shanmugam, B , Azam, S & Yeo, K 2017, A critical review of Bitcoins usage by cybercriminals. in IEEEIOEAEE (ed.), 2017 International Conference on Computer Communication and Informatics, ICCCI 2017. 1 edn, 17392899, IEEE, Institute of Electrical and Electronics Engineers, Danvers, Massachusetts, pp. 1-7, 7th International Conference on Computer Communication and Informatics, ICCCI 2017, Coimbatore, India, 5/01/17. https://doi.org/10.1109/ICCCI.2017.8117693

A critical review of Bitcoins usage by cybercriminals. / Jose, Jithin ; Kannoorpatti, Krishnan ; Shanmugam, Bharanidharan et al.
2017 International Conference on Computer Communication and Informatics, ICCCI 2017. ed. / IEEE, Institute of Electrical and Electronics Engineers. 1. ed. Danvers, Massachusetts: IEEE, Institute of Electrical and Electronics Engineers, 2017. p. 1-7 17392899.

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper published in Proceedings › peer-review

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AU - Yeo, Kheng

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AB - Bitcoin is a new form of global digital currency based on peer-to-peer network, enabling a new payment system, and also a completely decentralised cryptocurrency. The P2P network consists of a digital file listing transactions like a ledger, a copy of which is also maintained on every computer on the network, and the transactions are also broadcasted in the public ledger of the Bitcoin network. Anonymity is the core feature that makes Bitcoin popular among people around the world. This feature is attained through the Bitcoin addresses in the public ledger, which represents the users in the Bitcoin network. Because of the illicit use of Bitcoins, the level of anonymity has reduced even though the users are still using the anonymizers like TOR to keep the anonymity stronger to connect to the Bitcoin network. In this paper, we analyse the complete process of transaction of Bitcoins and the anonymity thatlies in that process. The study also focuses on finding the forensic artefacts and the investigative way of approach towards the Bitcoin using forensic tools. The forensic tools are used to analyse the web browser activities, local drive, hard disk image, cookies, downloads and session data related to Bitcoins. The attacker can relate the transaction of the users and can control the Bitcoin blocks by even delaying the transactions. This research will focus on the methods in which the memory and even mobile devices involved in the transaction could be captured and analysed.

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A critical review of Bitcoins usage by cybercriminals

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