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Exploiting Blockchain Data to Detect Smart Ponzi Schemes on Ethereum
Sun Yat Sen Univ, Sch Data & Comp Sci, Guangzhou 510006, Guangdong, Peoples R China;Sun Yat Sen Univ, Natl Engn Res Ctr Digital Life, Guangzhou 510006, Guangdong, Peoples R China.
Sun Yat Sen Univ, Sch Data & Comp Sci, Guangzhou 510006, Guangdong, Peoples R China;Sun Yat Sen Univ, Natl Engn Res Ctr Digital Life, Guangzhou 510006, Guangdong, Peoples R China.
Uppsala University, Disciplinary Domain of Science and Technology, Mathematics and Computer Science, Department of Information Technology, Computer Systems.
Sun Yat Sen Univ, Sch Data & Comp Sci, Guangzhou 510006, Guangdong, Peoples R China;Sun Yat Sen Univ, Natl Engn Res Ctr Digital Life, Guangzhou 510006, Guangdong, Peoples R China.
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2019 (English)In: IEEE Access, E-ISSN 2169-3536, Vol. 7, p. 37575-37586Article in journal (Refereed) Published
Abstract [en]

Blockchain technology becomes increasingly popular. It also attracts scams, for example, a Ponzi scheme, a classic fraud, has been found making a notable amount of money on Blockchain, which has a very negative impact. To help to deal with this issue and to provide reusable research data sets for future research, this paper collects real-world samples and proposes an approach to detect Ponzi schemes implemented as smart contracts (i.e., smart Ponzi schemes) on the blockchain. First, 200 smart Ponzi schemes are obtained by manually checking more than 3,000 open source smart contracts on the Ethereum platform. Then, two kinds of features are extracted from the transaction history and operation codes of the smart contracts. Finally, a classification model is presented to detect smart Ponzi schemes. The extensive experiments show that the proposed model performs better than many traditional classification models and can achieve high accuracy for practical use. By using the proposed approach, we estimate that there are more than 500 smart Ponzi schemes running on Ethereum. Based on these results, we propose to build a uniform platform to evaluate and monitor every created smart contract for early warning of scams.

Place, publisher, year, edition, pages
2019. Vol. 7, p. 37575-37586
Keywords [en]
Blockchain, smart contract, Ponzi Schemes, ethereum, data mining
National Category
Computer Systems
Identifiers
URN: urn:nbn:se:uu:diva-382362DOI: 10.1109/ACCESS.2019.2905769ISI: 000464140500001OAI: oai:DiVA.org:uu-382362DiVA, id: diva2:1306719
Funder
The Swedish Foundation for International Cooperation in Research and Higher Education (STINT), IB2017-6978Available from: 2019-04-24 Created: 2019-04-24 Last updated: 2019-04-24Bibliographically approved

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