Phishing Attacks and Defense Strategies in Bitcoin and Ethereum: A Comparative Review

Abstract

Phishing is a serious threat to cryptocurrency networks; Bitcoin and Ethereum are prime targets for these attacks. This paper discusses some aspects of phishing attacks on these platforms. While the simpler architecture of Bitcoin leads to more direct phishing attempts, the more complex ecosystem in Ethereum introduces a wide range of attack vectors through dApps and smart contracts. A comparative analysis of phishing attacks in both blockchains shows that while both have their fair share of attacks, Bitcoin seems to bear the brunt of phishing attacks. Current defense strategies, like 2FA and anti-phishing tools, as well as recommendations for increasing network security against phishing are discussed in this paper. Understanding these phishing mechanisms is crucial in strengthening the security of blockchain platforms and mitigating future attacks.