Protecting cryptocurrency: Understanding protective measures for cryptocurrency
Protecting cryptocurrency: Understanding protective measures for cryptocurrency
By SMU City Perspectives team
Published 23 September, 2024
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