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SoK: Security Analysis of Blockchain-based Cryptocurrency

Zekai Liu, Xiaoqi Li

TL;DR

This work provides a comprehensive survey of security threats in blockchain-based cryptocurrency, compiling 165 real attack cases and organizing them into a five-layer taxonomy (data, network, consensus, contract, application). It analyzes the underlying vulnerability principles, attacker logic, and existing detection and defense strategies, offering a comparative view across layers. Key contributions include the dataset, the systematic classification framework, and an evaluation of defense approaches, with discussion of practical implications for secure cryptocurrency systems. The paper also outlines future directions, emphasizing expanded attack coverage, composite-threat analysis, and more robust detection models to adapt to evolving attack surfaces.

Abstract

Cryptocurrency is a novel exploration of a form of currency that proposes a decentralized electronic payment scheme based on blockchain technology and cryptographic theory. While cryptocurrency has the security characteristics of being distributed and tamper-proof, increasing market demand has led to a rise in malicious transactions and attacks, thereby exposing cryptocurrency to vulnerabilities, privacy issues, and security threats. Particularly concerning are the emerging types of attacks and threats, which have made securing cryptocurrency increasingly urgent. Therefore, this paper classifies existing cryptocurrency security threats and attacks into five fundamental categories based on the blockchain infrastructure and analyzes in detail the vulnerability principles exploited by each type of threat and attack. Additionally, the paper examines the attackers' logic and methods and successfully reproduces the vulnerabilities. Furthermore, the author summarizes the existing detection and defense solutions and evaluates them, all of which provide important references for ensuring the security of cryptocurrency. Finally, the paper discusses the future development trends of cryptocurrency, as well as the public challenges it may face.

SoK: Security Analysis of Blockchain-based Cryptocurrency

TL;DR

This work provides a comprehensive survey of security threats in blockchain-based cryptocurrency, compiling 165 real attack cases and organizing them into a five-layer taxonomy (data, network, consensus, contract, application). It analyzes the underlying vulnerability principles, attacker logic, and existing detection and defense strategies, offering a comparative view across layers. Key contributions include the dataset, the systematic classification framework, and an evaluation of defense approaches, with discussion of practical implications for secure cryptocurrency systems. The paper also outlines future directions, emphasizing expanded attack coverage, composite-threat analysis, and more robust detection models to adapt to evolving attack surfaces.

Abstract

Cryptocurrency is a novel exploration of a form of currency that proposes a decentralized electronic payment scheme based on blockchain technology and cryptographic theory. While cryptocurrency has the security characteristics of being distributed and tamper-proof, increasing market demand has led to a rise in malicious transactions and attacks, thereby exposing cryptocurrency to vulnerabilities, privacy issues, and security threats. Particularly concerning are the emerging types of attacks and threats, which have made securing cryptocurrency increasingly urgent. Therefore, this paper classifies existing cryptocurrency security threats and attacks into five fundamental categories based on the blockchain infrastructure and analyzes in detail the vulnerability principles exploited by each type of threat and attack. Additionally, the paper examines the attackers' logic and methods and successfully reproduces the vulnerabilities. Furthermore, the author summarizes the existing detection and defense solutions and evaluates them, all of which provide important references for ensuring the security of cryptocurrency. Finally, the paper discusses the future development trends of cryptocurrency, as well as the public challenges it may face.

Paper Structure

This paper contains 50 sections, 1 equation, 6 figures, 5 tables.

Table of Contents

  1. Introduction
  2. Background
  3. Related Content
  4. Preliminary Preparation
  5. Classification Methods
  6. Data Layer
  7. Collision Attack
  8. Transaction Malleability Attack
  9. Network Layer
  10. Eclipse Attack
  11. Defer Bomb Attack
  12. Consensus Layer
  13. Sybil Attack
  14. 51% Attack
  15. Contract Layer
  16. ...and 35 more sections

Figures (6)

  • Figure 1: The Six Layers of Blockchain Network Architecture
  • Figure 2: Typical Attack Classification
  • Figure 3: Double Spend Attack
  • Figure 4: Transaction Malleability Attack
  • Figure 5: Transaction Malleability Attack
  • ...and 1 more figures