Detection of illicit accounts over the Ethereum blockchain

DOI

The recent technological advent of cryptocurrencies and their respective benefits have been shrouded with a number of illegal activities operating over the network such as money laundering, bribery, phishing, fraud, among others. In this work we focus on the Ethereum network, which has seen over 400 million transactions since its inception. Using 2179 accounts flagged by the Ethereum community for their illegal activity coupled with 2502 normal accounts, we seek to detect illicit accounts based on their transaction history using the XGBoost classifier. Using 10 fold cross-validation, XGBoost achieved an average accuracy of 0.963 ( ± 0.006) with an average AUC of 0.994 ( ± 0.0007). The top three features with the largest impact on the final model output were established to be ‘Time diff between first and last (Mins)’, ‘Total Ether balance’ and ‘Min value received’. Based on the results we conclude that the proposed approach is highly effective in detecting illicit accounts over the Ethereum network. Our contribution is multi-faceted; firstly, we propose an effective method to detect illicit accounts over the Ethereum network; secondly, we provide insights about the most important features; and thirdly, we publish the compiled data set as a benchmark for future related works.

Identifier
DOI https://doi.org/10.34894/GKAQYN
Metadata Access https://dataverse.nl/oai?verb=GetRecord&metadataPrefix=oai_datacite&identifier=doi:10.34894/GKAQYN
Provenance
Creator Azzopardi, George ORCID logo; Farrugia, Steven; Ellul, Joshua ORCID logo
Publisher DataverseNL
Contributor Research Data Office
Publication Year 2021
Rights CC0 Waiver; info:eu-repo/semantics/openAccess; https://creativecommons.org/publicdomain/zero/1.0/
OpenAccess true
Contact Research Data Office (University of Groningen)
Representation
Resource Type Dataset
Format text/csv; text/plain
Size 1016388; 506
Version 1.1
Discipline Other