Under Pressure. A User-Centered Threat Model for Cryptocurrency Owners

Abstract

Cryptocurrencies have gained popularity in recent years. However, for many users, keeping ownership of their cryptocurrency is a complex task. News reports frequently bear witness to scams, hacked exchanges, and fortunes beyond retrieval. However, we lack a systematic understanding of user-centered cryptocurrency threats, as causes leading to loss are scattered across publications. To address this gap, we conducted a focus group (n=6) and an expert elicitation study (n=25) following a three-round Delphi process with a heterogeneous group of blockchain and security experts from academia and industry. We contribute the first systematic overview of threats cryptocurrency users are exposed to and propose six overarching categories. Our work is complemented by a discussion on how the human-computer-interaction community can address these threats and how practitioners can use the model to understand situations in which users might find themselves under the pressure of an attack to ultimately engineer more secure systems.