Protecting cryptocurrency: Understanding protective measures for cryptocurrency

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Protecting cryptocurrency: Understanding protective measures for cryptocurrency

By SMU City Perspectives team

Published 23 September, 2024

Why our content is credible

POINT OF VIEW

While vigilance is important for the crypto world, it is important to note that crypto is not a safe haven for fraud and crime, especially with increasingly smart AI-enabled intelligence to comb the open and immutable on-chain data.

Zhu Feida

Associate Professor of Computer Science

In brief

Cryptocurrency is particularly vulnerable to cybercrime as it is open to trading 24/7.
Protecting cryptocurrency in the digital age requires early detection technology. These use various intervention strategies to detect and report crimes.
Using Intention Monitor models could allow for real-time, early detection of criminal behaviour and intention.

Methodology & References

Cheng, L.; Zhu, F.; Wang, Y.; Liang, R.; and Liu, H.. From asset flow to status, action and intention discovery: Early malice detection in cryptocurrency. (2023). ACM Transactions on Knowledge Discovery from Data. 18, (3), 1-27.

Huang, C. (2024, January 19). Global crypto criminal gains down in 2023, says Chainalysis Report. The Straits Times. https://www.straitstimes.com/business/global-crypto-criminal-gains-down-in-2023-says-chainalysis-report

Statista. (2023). Cryptocurrencies - worldwide: Statista market forecast. https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/worldwide#key-players

Inside the mind of

Zhu Feida serves as an Associate Professor of Computer Science and Associate Dean of partnerships and Engagement at Singapore Management University. He is the founder of Symphony Protocol, Pinnacle Lab for Analytics and DBS-SMU Life Analytics Lab, and conference co-chair of KDD 2021. Zhu has focused his career of more than 10 years in data science and academia, is considered a global expert in data mining, AI, and blockchain, and he specialises in helping organisations leverage big data and AI for a wide range of business applications.