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Keywords = crypto wallet

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26 pages, 8253 KiB  
Article
Challenge–Response Pair Mechanisms and Multi-Factor Authentication Schemes to Protect Private Keys
by Bertrand Francis Cambou and Mahafujul Alam
Appl. Sci. 2025, 15(6), 3089; https://doi.org/10.3390/app15063089 - 12 Mar 2025
Viewed by 868
Abstract
Crypto wallets store and protect the private keys needed to sign transactions for crypto currencies; they are secured by multi-factor authentication schemes. However, the loss of a wallet, or a dysfunctional factor of authentication, can be catastrophic, as the keys are then lost [...] Read more.
Crypto wallets store and protect the private keys needed to sign transactions for crypto currencies; they are secured by multi-factor authentication schemes. However, the loss of a wallet, or a dysfunctional factor of authentication, can be catastrophic, as the keys are then lost as well as the crypto currencies. Such difficult tradeoffs between the protection of the private keys and factors of authentication that are easy to use are also present in public key infrastructures, banking cards, smartphones and smartcards. In this paper, we present protocols based on novel challenge–response pair mechanisms that protect private keys, while using factors of authentication that can be lost or misplaced without negative consequences. Examples of factors that are analyzed include passwords, tokens, wearable devices, biometry, and blockchain-based non-fungible tokens. In normal operations, the terminal device uses all factors of authentication to retrieve an ephemeral key, decrypt the private key, and finally sign a transaction. With our solution, users can download the software stack into multiple terminal devices, turning all of them into backups. We present a zero-knowledge multi-factor authentication scheme allowing the secure recovery of private keys when one of the factors is lost, such as the token. The challenge–response pair mechanisms also enable a novel key pair generation protocol in which private keys can be kept secret by the user, while a Keystore can securely authenticate the user and transmit the public key to a distributed network. The standardized LWE post-quantum cryptographic CRYSTALS Dilithium protocol was selected in the experimental section. Full article
(This article belongs to the Section Computing and Artificial Intelligence)
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19 pages, 629 KiB  
Article
Evaluation of Digital Asset Investment Platforms: A Case Study of Non-Fungible Tokens (NFTs)
by Ming-Fang Lee, Jian-Ting Li, Wan-Rung Lin and Yi-Hsien Wang
AppliedMath 2025, 5(1), 3; https://doi.org/10.3390/appliedmath5010003 - 3 Jan 2025
Viewed by 2140
Abstract
According to the latest data from CryptoSlam, as of November 2024, NFT sales have approached USD 7.43 billion, with trading profits exceeding USD 33.303 million. In the buyer–seller market, the potential demand for NFT transactions continues to grow, leading to rapid development in [...] Read more.
According to the latest data from CryptoSlam, as of November 2024, NFT sales have approached USD 7.43 billion, with trading profits exceeding USD 33.303 million. In the buyer–seller market, the potential demand for NFT transactions continues to grow, leading to rapid development in the NFT market and giving rise to various issues, such as price manipulation, counterfeit products, hacking of investment platforms, identity verification errors, data leaks, and wallet security failures, all of which have caused significant financial losses for investors. Currently, the NFT investment market faces challenges such as legal uncertainty, information security, and high price volatility due to speculation. This study conducted expert interviews and adopted a two-stage research methodology to analyze the most common risk factors when selecting NFT investments. It employed the Decision-Making Trial and Evaluation Laboratory (DEMATEL) and the Analytic Network Process (ANP) to explore risk factors such as legal issues, security concerns, speculation, and price volatility, aiming to understand how these factors influence investors in choosing the most suitable NFT investment platform. The survey was conducted between February and June 2023, targeting professionals and scholars with over 10 years of experience in the financial market or financial research, with a total of 13 participants. The empirical results revealed that speculation had the greatest impact compared to legal issues, security concerns, and NFT price volatility. Speculation and price volatility directly influenced other risk factors, potentially increasing the risks faced by NFT investment platforms. In contrast, legal and security issues had less influence on other factors and were more affected by them, indicating a relatively lower likelihood of occurrence. Thus, investors must be cautious of short-term speculation, particularly when dealing with rare NFTs. The best approach is to set an exit price to minimize potential losses if the investment does not proceed as planned. Full article
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19 pages, 1130 KiB  
Article
Shared-Custodial Wallet for Multi-Party Crypto-Asset Management
by Yimika Erinle, Yebo Feng, Jiahua Xu, Nikhil Vadgama and Paolo Tasca
Future Internet 2025, 17(1), 7; https://doi.org/10.3390/fi17010007 - 31 Dec 2024
Viewed by 4994
Abstract
Blockchain wallets are essential interfaces for managing digital assets and authorising transactions within blockchain systems. However, typical blockchain wallets often encounter performance, privacy and cost issues when utilising multi-signature schemes and face security vulnerabilities with single-signature methods. Additionally, while granting users complete control, [...] Read more.
Blockchain wallets are essential interfaces for managing digital assets and authorising transactions within blockchain systems. However, typical blockchain wallets often encounter performance, privacy and cost issues when utilising multi-signature schemes and face security vulnerabilities with single-signature methods. Additionally, while granting users complete control, non-custodial wallets introduce technical complexities and security risks. While custodial wallets can mitigate some of these challenges, they are primary targets for attacks due to the pooling of customer funds. To address these limitations, we propose a chain-agnostic Multi-Party Computation Threshold Signature Scheme (MPC-TSS) shared-custodial wallet with securely distributed key management and recovery. We apply this solution to create a wallet design for wealth managers and their clients, consolidating the management and access of multiple cryptocurrency tokens and services into a single application interface. Full article
(This article belongs to the Special Issue Cyber Security in the New "Edge Computing + IoT" World)
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15 pages, 736 KiB  
Article
A Security Analysis of Cryptocurrency Wallets against Password Brute-Force Attacks
by Hyeonsu Byun, Jueun Kim, Yunseok Jeong, Byoungjin Seok, Seonghyeon Gong and Changhoon Lee
Electronics 2024, 13(13), 2433; https://doi.org/10.3390/electronics13132433 - 21 Jun 2024
Cited by 3 | Viewed by 26602
Abstract
Currently, the monetary value of cryptocurrencies is extremely high, leading to frequent theft attempts. Cyberattacks targeting cryptocurrency wallets and the scale of these attacks are also increasing annually. However, many studies focus on large-scale exchanges, leading to a lack of research on cryptocurrency [...] Read more.
Currently, the monetary value of cryptocurrencies is extremely high, leading to frequent theft attempts. Cyberattacks targeting cryptocurrency wallets and the scale of these attacks are also increasing annually. However, many studies focus on large-scale exchanges, leading to a lack of research on cryptocurrency wallet security. Nevertheless, the threat to individual wallets is real and can lead to severe consequences for individuals. In this paper, we analyze the security of the open-source cryptocurrency wallets Sparrow, Etherwall, and Bither against brute-force attacks, a fundamental threat in password-based systems. As cryptocurrency wallets use passwords to manage users’ private keys, we analyzed the private key management mechanism and implemented a password verification oracle. We used this oracle for brute-force attacks. We identified the private key management mechanism by conducting a code-level investigation and evaluated the three wallets’ security through practical experimentation. The experiment results revealed that the wallets’ security, which depends on passwords, could be diminished due to the password input space and the configuration of password length settings. We propose a general methodology for analyzing the security of desktop cryptocurrency wallets against brute-force attacks and provide practical guidelines for designing secure wallets. By using the analysis methods suggested in this paper, one can evaluate the security of wallets. Full article
(This article belongs to the Special Issue Data Security and Privacy: Challenges and Techniques)
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17 pages, 5141 KiB  
Article
A Blockchain-Based Framework to Make the Rice Crop Supply Chain Transparent and Reliable in Agriculture
by Muhammad Shoaib Farooq, Shamyla Riaz, Ibtesam Ur Rehman, Muhammad Asad Khan and Bilal Hassan
Systems 2023, 11(9), 476; https://doi.org/10.3390/systems11090476 - 17 Sep 2023
Cited by 12 | Viewed by 6616
Abstract
Rice is one of the major food crops across the globe, and its quality and safety highly influence human health. It is the basis of many different products, including rice flour, rice bread, noodles, rice vinegar, and others. Therefore, the rice supply chain [...] Read more.
Rice is one of the major food crops across the globe, and its quality and safety highly influence human health. It is the basis of many different products, including rice flour, rice bread, noodles, rice vinegar, and others. Therefore, the rice supply chain has garnered increasing attention due to the high demand for food safety. Furthermore, malpractices in the rice supply chain can impact farmers by generating low revenues despite their great efforts in rice cultivation. In addition, they would cause governments to suffer significant economic losses due to the high cost of importing rice crops from other countries during the off-season. These issues derive from the lack of reliability, trust, transparency, traceability, and security in the rice supply chain. In this research, we propose a secure, trusted, reliable, and transparent framework based on a Blockchain for rice crop supply chain’s traceability from farm to fork. A new crypto token, the Rice Coin (RC), is introduced to keep a record of all transactions between the stakeholders of the rice supply chain. Moreover, the proposed framework includes an economic model and a crypto wallet and introduces an Initial Coin Offering (ICO) for the RC. Based on smart contracts, a transaction processing system was developed for the transparency and traceability of rice crops, including the conversion of the RC to fiat currency. Furthermore, the InterPlanetary File System (IPFS) is proposed in this research to store encrypted data of companies, retailers, and farmers, so to increase data security, transparency, and availability. In the end, the experimental results showed a better performance of the proposed framework compared to already available supply chain solutions in terms of transaction verification time, transaction average gas cost, and new block latency. Full article
(This article belongs to the Special Issue Blockchain Technology for Future Supply Chain Management)
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21 pages, 3120 KiB  
Article
CEAT: Categorising Ethereum Addresses’ Transaction Behaviour with Ensemble Machine Learning Algorithms
by Tiffany Tien Nee Pragasam, John Victor Joshua Thomas, Maria Anu Vensuslaus and Subhashini Radhakrishnan
Computation 2023, 11(8), 156; https://doi.org/10.3390/computation11080156 - 9 Aug 2023
Cited by 5 | Viewed by 2789
Abstract
Cryptocurrencies are rapidly growing and are increasingly accepted by major commercial vendors. However, along with their rising popularity, they have also become the go-to currency for illicit activities driven by the anonymity they provide. Cryptocurrencies such as the one on the Ethereum blockchain [...] Read more.
Cryptocurrencies are rapidly growing and are increasingly accepted by major commercial vendors. However, along with their rising popularity, they have also become the go-to currency for illicit activities driven by the anonymity they provide. Cryptocurrencies such as the one on the Ethereum blockchain provide a way for entities to hide their real-world identities behind pseudonyms, also known as addresses. Hence, the purpose of this work is to uncover the level of anonymity in Ethereum by investigating multiclass classification models for Externally Owned Accounts (EOAs) of Ethereum. The researchers aim to achieve this by examining patterns of transaction activity associated with these addresses. Using a labelled Ethereum address dataset from Kaggle and the Ethereum crypto dataset by Google BigQuery, an address profiles dataset was compiled based on the transaction history of the addresses. The compiled dataset, consisting of 4371 samples, was used to tune and evaluate the Random Forest, Gradient Boosting and XGBoost classifier for predicting the category of the addresses. The best-performing model found for the problem was the XGBoost classifier, achieving an accuracy of 75.3% with a macro-averaged F1-Score of 0.689. Following closely was the Random Forest classifier, with an accuracy of 73.7% and a macro-averaged F1-Score of 0.641. Gradient Boosting came in last with 73% accuracy and a macro-averaged F1-Score of 0.659. Owing to the data limitations in this study, the overall scores of the best model were weaker in comparison to similar research, with the exception of precision, which scored slightly higher. Nevertheless, the results proved that it is possible to predict the category of an Ethereum wallet address such as Phish/Hack, Scamming, Exchange and ICO wallets based on its transaction behaviour. Full article
(This article belongs to the Special Issue Intelligent Computing, Modeling and its Applications)
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29 pages, 1767 KiB  
Article
A Survey: Security, Transparency, and Scalability Issues of NFT’s and Its Marketplaces
by Sangam Bhujel and Yogachandran Rahulamathavan
Sensors 2022, 22(22), 8833; https://doi.org/10.3390/s22228833 - 15 Nov 2022
Cited by 49 | Viewed by 11122
Abstract
Non-fungible Tokens (NFTs) are ownership records stored on a blockchain, and they are typically digital items such as photos and videos. In many ways, an NFT is like a conventional proof-of-purchase document, such as a paper invoice or an electronic receipt. NFTs are [...] Read more.
Non-fungible Tokens (NFTs) are ownership records stored on a blockchain, and they are typically digital items such as photos and videos. In many ways, an NFT is like a conventional proof-of-purchase document, such as a paper invoice or an electronic receipt. NFTs are attractive among other things because of verifiability; each sale is recorded as a blockchain transaction, allowing ownership to be tracked. Also, NFTs can be used to transfer digital assets between two mutually distrusting parties, since both the crypto payment and the asset transfer take place in one transaction. With NFTs, all marketplaces can freely trade with the help of decentralized applications (DApps). It is currently estimated that there are over 245 NFT marketplaces (NFTM) listed with over 1000 blockchains as of August 2022 with 68 million blockchain wallet users. With the expansion of markets, they must face challenges and issues. The objective of this review is to study the market dynamics of NFT ecosystems. It also focuses on technical components that enable NFTs and their marketplace. The review provides a deeper understanding of its components, how they are related, and why they are important. The paper analyses the challenges faced by NFTs and marketplaces in terms of security, transparency, scalability, and the consequences leading to these issues and how they will address them, as well as future opportunities. Full article
(This article belongs to the Section Intelligent Sensors)
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35 pages, 6982 KiB  
Article
Mobile Cyber Forensic Investigations of Web3 Wallets on Android and iOS
by Mohammad Meraj Mirza, Akif Ozer and Umit Karabiyik
Appl. Sci. 2022, 12(21), 11180; https://doi.org/10.3390/app122111180 - 4 Nov 2022
Cited by 13 | Viewed by 10417
Abstract
Constant advancements in technology have a significant impact on our everyday lives and the ecosystem in which we live. The growing popularity of cryptocurrencies (e.g., Bitcoin and Ethereum), along with Non-Fungible Tokens (NFTs), which are founded on blockchain technology, has opened the way [...] Read more.
Constant advancements in technology have a significant impact on our everyday lives and the ecosystem in which we live. The growing popularity of cryptocurrencies (e.g., Bitcoin and Ethereum), along with Non-Fungible Tokens (NFTs), which are founded on blockchain technology, has opened the way for these blockchain projects to be integrated into a wide range of other kinds of applications (apps). Today, cryptocurrencies are used as a popular method of payment online; however, their popularity on the dark Web is also increasing. For example, they can be used to buy and perform various illegal activities among criminals due to their anonymity. Web3 cryptocurrency wallets, used to store cryptocurrencies, have not been studied as thoroughly as many other apps from a digital forensic perspective on mobile devices, given the increasing number of these services and apps today for many platforms, including the leading mobile operating systems (i.e., iOS and Android). Therefore, the purpose of this research is to guide investigators to unlock the full potential of popular cryptocurrency Web3 wallets, Trust Wallet and Metamask, to understand what can be recovered, and to look at areas where there are knowledge gaps. We digitally analyzed and forensically examined two mobile wallets that do not require any personal identifiers to register and are widely used for Web3 cryptocurrencies on Android and iOS devices. We review the digital evidence we have collected and discuss the implications of the forensic tools we have used. Finally, we propose a proof of concept extension to the iOS Logs, Events, And Plists Parser (iLEAPP) tool to automatically recover artifacts. Full article
(This article belongs to the Special Issue Blockchain in Information Security and Privacy)
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13 pages, 1214 KiB  
Article
A Collective Anomaly Detection Technique to Detect Crypto Wallet Frauds on Bitcoin Network
by Mohammad Javad Shayegan, Hamid Reza Sabor, Mueen Uddin and Chin-Ling Chen
Symmetry 2022, 14(2), 328; https://doi.org/10.3390/sym14020328 - 5 Feb 2022
Cited by 33 | Viewed by 6597
Abstract
The popularity and remarkable attractiveness of cryptocurrencies, especially Bitcoin, absorb countless enthusiasts every day. Although Blockchain technology prevents fraudulent behavior, it cannot detect fraud on its own. There are always unimaginable ways to commit fraud, and the need to use anomaly detection methods [...] Read more.
The popularity and remarkable attractiveness of cryptocurrencies, especially Bitcoin, absorb countless enthusiasts every day. Although Blockchain technology prevents fraudulent behavior, it cannot detect fraud on its own. There are always unimaginable ways to commit fraud, and the need to use anomaly detection methods to identify abnormal and fraudulent behaviors has become a necessity. The main purpose of this study is to use the Blockchain technology of symmetry and asymmetry in computer and engineering science to present a new method for detecting anomalies in Bitcoin with more appropriate efficiency. In this study, a collective anomaly approach was used. Instead of detecting the anomaly of individual addresses and wallets, the anomaly of users was examined. In addition to using the collective anomaly detection method, the trimmed_Kmeans algorithm was used for clustering. The results of this study show the anomalies are more visible among users who had multiple wallets. The proposed method revealed 14 users who had committed fraud, including 26 addresses in 9 cases, whereas previous works detected a maximum of 7 addresses in 5 cases of fraud. The suggested approach, in addition to reducing the processing overhead for extracting features, detect more abnormal users and anomaly behavior. Full article
(This article belongs to the Section Computer)
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