This research aims to develop a predictive model for estimating the daily closing price of Ethereum (ETH) against the Indonesian Rupiah (IDR) using the Random Forest Regression algorithm. Ethereum is one of the most widely traded cryptocurrencies and is known for its high volatility, which makes accurate price prediction essential for supporting data-driven investment decisions. Historical price data were collected from the CoinGecko API for a period of 365 days, followed by preprocessing, feature engineering, and the computation of several technical indicators including Exponential Moving Average (EMA-14), Relative Strength Index (RSI-14), Daily Return, Bollinger Bands Upper, Average True Range (ATR-14), and Close Lag-1.The research starting from data selection and preprocessing to modeling, evaluation and visualization. Random Forest Regression was chosen due to its robustness in handling nonlinear relationships and noisy time-series data. The dataset was split using a 90:10 time-based hold-out method, and model performance was evaluated using four regression metrics: MAE, RMSE, MAPE, and R-squared. The best configuration of the model achieved a MAPE of 2.88%, indicating a high level of predictive accuracy. Feature importance analysis shows that Daily Return and ATR-14 contributed most significantly to the prediction. The findings demonstrate that Random Forest Regression can effectively capture the nonlinear patterns in cryptocurrency price movements, providing an accurate and reliable model for short-term forecasting. This model may serve as a valuable reference for investors, financial analysts, and developers of automated trading systems.
EigenAI is a verifiable AI platform built on top of the EigenLayer restaking ecosystem. At a high level, it combines a deterministic large-language model (LLM) inference engine with a cryptoeconomically secured optimistic re-execution protocol so that every inference result can be publicly audited, reproduced, and, if necessary, economically enforced. An untrusted operator runs inference on a fixed GPU architecture, signs and encrypts the request and response, and publishes the encrypted log to EigenDA. During a challenge window, any watcher may request re-execution through EigenVerify; the result is then deterministically recomputed inside a trusted execution environment (TEE) with a threshold-released decryption key, allowing a public challenge with private data. Because inference itself is bit-exact, verification reduces to a byte-equality check, and a single honest replica suffices to detect fraud. We show how this architecture yields sovereign agents -- prediction-market judges, trading bots, and scientific assistants -- that enjoy state-of-the-art performance while inheriting security from Ethereum's validator base.
Mobeen Ur Rehman, Neeraj Nautiyal, Xuan Vinh Vo, Muhammad Kashif · 5 authors
Abstract Cryptocurrencies have regained mainstream attention, with Bitcoinx′s recent rally renewing investor interest across the digital asset space. This study focuses on the connectedness and spillover effects among seven major digital assets to examine the asymmetric relationships conditional on market conditions and time horizons. To emphasize the significance of short- and long-term trading dynamics, we explore the state dependence of linkages during extreme upward and downward market movements. Our findings suggest a significant connectedness induced by Litecoin and Ethereum. Short-term fluctuations are the dominant drivers of crypto-market vulnerability across quantiles and frequencies. Pronounced upper-quantile connectedness emerges consistently across all markets. Interestingly, major currencies, such as Bitcoin, Ethereum, Ripple, and Dash, act as receivers during upside and median market conditions, whereas Ethereum and Litecoin exhibit transmission effects. Moreover, no connectedness is detected between Ethereum and Bitcoin at extreme quantiles. The findings highlight the need for careful monitoring and risk assessment of extreme events, demanding careful risk monitoring during periods of turmoil.
Statistical arbitrage strategies, including pairs trading, rely on identifying co-movements and static long-term equilibrium relationships between assets, where conventional methods fail to capture non-stationary dynamics, hence reducing trading effectiveness. This study, therefore, addresses this challenge by employing a dynamic co-integration approach combined with deep learning techniques to select suitable cryptocurrency pairs and forecast spread dynamics. The study examines multiple cryptocurrencies, namely: BNB, Ethereum, Litecoin, Ripple, and USDT, using dynamic Johansen co-integration tests to identify pairs with time-varying equilibrium relationships, and model the spread through a Dynamic Weighted Ensemble of Deep Neural Network and Long Short-Term Memory. Forecasting accuracy, trading performance, and predictive uncertainty are evaluated using error metrics, trading outcomes, and 99% prediction intervals. The results indicate that only those cryptocurrencies with dynamically coherent relationships are suitable for mean-reversion strategies. Furthermore, the study found that the Dynamic Weighted Ensemble achieves the best predictive accuracy. At the same time, LSTM captures proportional temporal dynamics effectively, and the ensemble-driven trading signals generate timely buy and sell decisions with low-lag execution and robust management of market volatility. These findings, therefore, highlight the advantages of combining dynamic co-integration and adaptive deep learning for statistical arbitrage.
This study examines the joint influence of environmental factors and U.S. financial markets on the returns of Bitcoin (BTC) and Ethereum (ETH), shedding light on sustainability-driven crypto valuation. The analysis integrates CO₂ emissions, green innovations, ESG scores and financial indicators, including the S&P 500, NASDAQ, Dow Jones, gold and oil prices, using monthly data from January 2019 to February 2025. A robust econometric framework is employed to assess both the long-term cointegration and the short-term sensitivities of BTC and ETH returns. The findings suggest that BTC exhibits a strong positive correlation with environmental innovations and ESG scores, indicating an alignment with investors focused on sustainability. In contrast, ETH exhibits weaker sensitivity to environmental factors despite its adoption of a more energy-efficient Proof-of-Stake mechanism. Both cryptocurrencies respond positively to gold and oil prices, reinforcing their potential as alternative hedging assets. By jointly evaluating environmental and financial drivers, this study contributes to the fields of sustainable finance and digital asset research, bridging the gap between ESG studies and cryptocurrency market analysis.
Blockchain clients are fundamental software for running blockchain nodes. They provide users with various RPC (Remote Procedure Call) interfaces to interact with the blockchain. These RPC methods are expected to follow the same specification across different blockchain nodes, providing users with seamless interaction. However, there have been continuous reports on various RPC bugs that can cause unexpected responses or even Denial of Service weakness. Existing studies on blockchain RPC bug detection mainly focus on generating the RPC method calls for testing blockchain clients. However, a wide range of the reported RPC bugs are triggered in various blockchain contexts. To the best of our knowledge, little attention is paid to generating proper contexts that can trigger these context-dependent RPC bugs. In this work, we propose EthCRAFT, a Context-aware RPC Analysis and Fuzzing Tool for client RPC bug detection. EthCRAFT first proposes to explore the state transition program space of blockchain clients and generate various transactions to construct the context. EthCRAFT then designs a context-aware RPC method call generation method to send RPC calls to the blockchain clients. The responses of 5 different client implementations are used as cross-referring oracles to detect the RPC bugs. We evaluate EthCRAFT on real-world RPC bugs collected from the GitHub issues of Ethereum client implementations. Experiment results show that EthCRAFT outperforms existing client RPC detectors by detecting more RPC bugs. Moreover, EthCRAFT has found six new bugs in major Ethereum clients and reported them to the developers. One of the bug fixes has been written into breaking changes in the client's updates. Three of our bug reports have been offered a vulnerability bounty by the Ethereum Foundation.
In primary-backup replication, consensus latency is bounded by the time for backup nodes to replay (re-execute) transactions proposed by the primary. In this work, we present Ira, a framework to accelerate backup replay by transmitting compact \emph{hints} alongside transaction batches. Our key insight is that the primary, having already executed transactions, possesses knowledge of future access patterns which is exactly the information needed for optimal replay. We use Ethereum for our case study and present a concrete protocol, Ira-L, within our framework to improve cache management of Ethereum block execution. The primaries implementing Ira-L provide hints that consist of the working set of keys used in an Ethereum block and one byte of metadata per key indicating the table to read from, and backups use these hints for efficient block replay. We evaluated Ira-L against the state-of-the-art Ethereum client reth over two weeks of Ethereum mainnet activity ($100,800$ blocks containing over $24$ million transactions). Our hints are compact, adding a median of $47$ KB compressed per block ($\sim5\%$ of block payload). We observe that the sequential hint generation and block execution imposes a $28.6\%$ wall-time overhead on the primary, though the direct cost from hints is $10.9\%$ of execution time; all of which can be pipelined and parallelized in production deployments. On the backup side, we observe that Ira-L achieves a median per-block speedup of $25\times$ over baseline reth. With $16$ prefetch threads, aggregate replay time drops from $6.5$ hours to $16$ minutes ($23.6\times$ wall-time speedup).
Emergence of blockchain technology has disrupted a number of economic sectors, particularly financial institutions, with significant effects on their operations. This paper investigates the impact of asset tokenization on the issuance and trading process of financial assets, specifically bonds. It examines the effect of tokenizing the High Yield Bond on the Ethereum blockchain across two key dimensions: On costs, a comparative cost-benefit analysis is conducted before and after tokenization, and on green sustainability, through a comparative analysis on the carbon footprint of the bond before and after Ethereum's merge to proof of stake. The results show that Tokenization improves cost-savings, and it promotes a greener, more sustainable approach when using the Ethereum blockchain post-transition to proof of stake.
The meme coin ecosystem has grown into one of the most active yet least observable segments of the cryptocurrency market, characterized by extreme churn, minimal project commitment, and widespread fraudulent behavior. While countless meme coins are deployed across multiple blockchains, they rely heavily on off-chain web and social infrastructure to signal legitimacy. These very signals are largely absent from existing datasets, which are often limited to single-chain data or lack the multimodal artifacts required for comprehensive risk modeling. To address this gap, we introduce MemeChain, a large-scale, open-source, cross-chain dataset comprising 34,988 meme coins across Ethereum, BNB Smart Chain, Solana, and Base. MemeChain integrates on-chain data with off-chain artifacts, including website HTML source code, token logos, and linked social media accounts, enabling multimodal and forensic study of meme coin projects. Analysis of the dataset shows that visual branding is frequently omitted in low-effort deployments, and many projects lack a functional website. Moreover, we quantify the ecosystem's extreme volatility, identifying 1,801 tokens (5.15%) that cease all trading activity within just 24 hours of launch. By providing unified cross-chain coverage and rich off-chain context, MemeChain serves as a foundational resource for research in financial forensics, multimodal anomaly detection, and automated scam prevention in the meme coin ecosystem.
Ensuring the integrity and efficiency of academic record verification has become increasingly important for modern educational institutions. This study presents a blockchain-powered verification system specifically designed for confirming the credentials of graduated students from Mekelle University. By integrating Ethereum blockchain with GraphQL APIs, the system enhances transparency and reliability in the verification process. The university’s existing system, built with Ruby on Rails, lacked automated verification, relied heavily on centralized control, and was prone to delays and potential data tampering. To overcome these issues, a decentralized application (DApp) was developed using various tools, including Ethers.js, Node.js, Ganache, Apollo Server, GraphQL, and React. This application enables the secure submission and retrieval of student records through Ethereum smart contracts. Data can be uploaded via CSV files or manually entered through forms, and each record is retrievable using a unique student ID, ensuring data immutability and public verifiability. Stakeholder feedback was gathered through interviews, and thematic analysis was used to assess the system’s usability, scalability, and trustworthiness. Findings showed strong support for the blockchain-based system, with over 90% of participants agreeing that it improves transparency and reduces the risk of credential fraud. This research demonstrates a feasible bridge between traditional university information systems and decentralized technologies, highlighting both the practicality and institutional readiness for adopting blockchain in higher education.
Perkembangan cryptocurrency, khususnya ethereum telah menarik perhatian banyak kalangan karena volatilitas harga yang tinggi karena dipengaruhi oleh faktor-faktor ekonomi dan sentimen pasar. Penelitian ini bertujuan untuk menganalisis hubungan antara sentimen pengguna twitter dengan fluktuasi harga ethereum menggunakan teknologi Natural Language Processing (NLP) dan Machine Learning (ML). Metode yang digunakan mencakup pengumpulan data tweet tentang ethereum, pra-pemrosesan data, serta analisis sentimen menggunakan algoritma Naïve Bayes. Data harga ethereum diperoleh dari sumber informasi kripto. Hasil analisis menunjukkan bahwa meskipun terdapat fluktuasi antara sentimen positif dan negatif di twitter, korelasi antara sentimen publik dan pergerakan harga ethereum sangat lemah, dengan nilai koefisien korelasi yang rendah
Decentralized Identifiers (DIDs) are increasingly deployed on distributed ledgers, yet systematic cross-platform evidence on their operational behavior remains limited. We present an empirical benchmarking study of three prominent ledger-based DID methods - Ethereum, Hedera, and XRP Ledger - using reference Software Development Kits (SDKs) under a unified experimental setup. We measure latency, transaction cost, and on-chain metadata exposure, normalizing latency by each platform's block or consensus interval and cost by its native value transfer fee. Privacy leakage is quantified using a Metadata-Leakage Score (MLS), an entropy-based measure expressed in bits per operation. Our results reveal distinct architectural trade-offs. Ethereum enables near-instant, off-chain DID creation, but incurs the highest latency and cost for on-chain lifecycle operations. XRPL delivers deterministic and stable latency with fixed, low fees, yet exhibits higher metadata leakage due to more verbose transaction payloads. Hedera achieves the lowest on-chain latency and low fees with minimal metadata leakage, while occasional variance arises from SDK-side processing and confirmation pipelines. Overall, the findings show that ledger architecture and SDK workflows play a major role in shaping DID latency, cost, and metadata exposure, complementing the effects of the underlying consensus mechanism. These results provide evidence-based insights to support informed selection and configuration of DID systems under performance and privacy constraints.
Krzysztof Gogol, Manvir Schneider, Jan Gorzny, Claudio Tessone
We study the feasibility, profitability, and prevalence of sandwich attacks on Ethereum rollups with private mempools. First, we extend a formal model of optimal front- and back-run sizing, relating attack profitability to victim trade volume, liquidity depth, and slippage bounds. We complement it with an execution-feasibility model that quantifies co-inclusion constraints under private mempools. Second, we examine execution constraints in the absence of builder markets: without guaranteed atomic inclusion, attackers must rely on sequencer ordering, redundant submissions, and priority fee placement, which renders sandwiching probabilistic rather than deterministic. Third, using transaction-level data from major rollups, we show that naive heuristics overstate sandwich activity. We find that the majority of flagged patterns are false positives and that the median net return for these attacks is negative. Our results suggest that sandwiching, while endemic and profitable on Ethereum L1, is rare, unprofitable, and largely absent in rollups with private mempools. These findings challenge prevailing assumptions, refine measurement of MEV in L2s, and inform the design of sequencing policies.
Rainer Stütz, Nicholas Stifter, Melitta Dragaschnig, Bernhard Haslhofer · 5 authors
It is well known that reusing cryptocurrency addresses undermines privacy. This also applies if the same addresses are used in different cryptocurrencies. Nevertheless, cross-chain address reuse appears to be a recurring phenomenon, especially in EVM-based designs. Previous works performed either direct address matching, or basic format conversion, to identify such cases. However, seemingly incompatible address formats e.g., in Bitcoin and Ethereum, can also be derived from the same public keys, since they rely on the same cryptographic primitives. In this paper, we therefore focus on the underlying public keys to discover reuse within, as well as across, different cryptocurrency networks, enabling us to also match incompatible address formats. Specifically, we analyze key reuse across Bitcoin, Ethereum, Litecoin, Dogecoin, Zcash and Tron. Our results reveal that cryptographic keys are extensively and actively reused across these networks, negatively impacting both privacy and security of their users. We are hence the first to expose and quantify cross-chain key reuse between UTXO and account-based cryptocurrencies. Moreover, we devise novel clustering methods across these different cryptocurrency networks that do not rely on heuristics and instead link entities by their knowledge of the underlying secret key.
Ni Putu Eka Apriyanthi, Civica Moehaimin Dhewanty, Putu Desiana Wulaning Ayu, I Made Riyan Adi Nugroho · 5 authors
Konteks penelitian ini didasari oleh meningkatnya kerentanan keamanan yang signifikan dalam ekosistem decentralized finance (DeFi) dan blockchain, khususnya terkait dengan aktivitas kecurangan yang semakin kompleks dan berbiaya tinggi. Metode deteksi tradisional tidak lagi memadai untuk menangani volume transaksi yang masif serta karakteristik dataset yang menunjukkan ketidakseimbangan kelas. Oleh karena itu, penelitian ini berfokus pada evaluasi dan perbandingan kinerja tiga algoritma machine learning utama Regresi Logistik, Random Forest, dan XGBoost untuk mengidentifikasi secara akurat aktivitas kecurangan dalam transaksi blockchain. Data yang digunakan adalah dataset transaksi Ethereum dari platform Kaggle. Isu ketidakseimbangan kelas dalam data diatasi melalui implementasi metodologi SMOTE (Synthetic Minority Over-sampling Technique). Kinerja setiap model dinilai secara komprehensif menggunakan metrik presisi, recall, F1-score, dan Area Under the Receiver Operating Characteristic Curve (ROC-AUC) pada data pengujian. Hasil penelitian menunjukkan superioritas XGBoost di antara ketiga algoritma, dengan mencapai akurasi 99,46%, presisi 99,69%, recall 97,86%, dan skor ROC-AUC 99,97% (25). Keunggulan ini diperkuat oleh keberhasilan XGBoost dalam meminimalkan false positives, yakni hanya 1 kejadian. Kinerja yang melampaui model Random Forest dan Regresi Logistik ini mengindikasikan bahwa metodologi gradient boosting sangat efektif dalam mendeteksi pola perilaku kecurangan yang rumit. Secara keseluruhan, temuan studi ini memberikan kontribusi yang substansial terhadap pengembangan kerangka kerja deteksi kecurangan yang otonom dan tangguh.
The rapid growth of blockchain technologies has enabled decentralized applications based on smart contracts and distributed consensus. However, the increasing number of attacks exploiting protocol logic and network dynamics highlights the limitations of traditional, static security mechanisms. This study proposes an adaptive cognitive security model based on a Q-learning agent to enhance the protection of blockchain protocols. The agent is designed to analyze transaction behavior, assess risk levels, and dynamically select appropriate countermeasures. The proposed approach is evaluated through a dual experimental framework combining large-scale simulation using SimPy and execution on a private blockchain environment implemented with Ganache. Experimental results show a detection rate of approximately 70%, no observed false positives, a response time close to one second, and a very low operational gas cost. These results demonstrate that reinforcement learning can effectively improve the adaptability and responsiveness of blockchain security mechanisms while preserving network performance and economic viability. The study confirms the potential of cognitive and adaptive approaches for building more resilient and autonomous blockchain security systems.
Daniel Commey, Matilda Nkoom, Yousef Alsenani, Sena G. Hounsinou · 5 authors
Virtual Asset Service Providers (VASPs) face a fundamental tension between regulatory compliance and user privacy when detecting cross-institutional money laundering. Current approaches require either sharing sensitive transaction data or operating in isolation, leaving critical cross-chain laundering patterns undetected. We present FedGraph-VASP, a privacy-preserving federated graph learning framework that enables collaborative anti-money laundering (AML) without exposing raw user data. Our key contribution is a Boundary Embedding Exchange protocol that shares only compressed, non-invertible graph neural network representations of boundary accounts. These exchanges are secured using post-quantum cryptography, specifically the NIST-standardized Kyber-512 key encapsulation mechanism combined with AES-256-GCM authenticated encryption. Experiments on the Elliptic Bitcoin dataset with realistic Louvain partitioning show that FedGraph-VASP achieves an F1-score of 0.508, outperforming the state-of-the-art generative baseline FedSage+ (F1 = 0.453) by 12.1 percent on binary fraud detection. We further show robustness under low-connectivity settings where generative imputation degrades performance, while approaching centralized performance (F1 = 0.620) in high-connectivity regimes. We additionally evaluate generalization on an Ethereum fraud detection dataset, where FedGraph-VASP (F1 = 0.635) is less effective under sparse cross-silo connectivity, while FedSage+ excels (F1 = 0.855), outperforming even local training (F1 = 0.785). These results highlight a topology-dependent trade-off: embedding exchange benefits connected transaction graphs, whereas generative imputation can dominate in highly modular sparse graphs. A privacy audit shows embeddings are only partially invertible (R^2 = 0.32), limiting exact feature recovery.
Penelitian ini bertujuan untuk membuktikan secara empiris (Proof-of-Concept) bahwa Bahasa Indonesia memiliki kapasitas leksikal untuk menggantikan peran Bahasa Inggris dalam protokol BIP-39 tanpa mendegradasi keamanan matematis sistem. Metode yang digunakan adalah eksperimental terapan dengan mengembangkan wordlist 2048 kata Bahasa Indonesia dan mengimplementasikan algoritma derivasi kunci pada lingkungan browser extension. Hasil pengujian menunjukkan bahwa sistem mampu menghasilkan entropi 128-bit yang ekuivalen dengan standar NIST serta berhasil melakukan tanda tangan digital (ECDSA) yang valid pada jaringan Ethereum Sepolia. Kesimpulan: Bahasa Indonesia terbukti memiliki kesetaraan fungsional dalam konteks kriptografi terapan, namun penggunaannya dibatasi sebagai eksperimen riset dan bukan untuk menggantikan standar global. DISCLAIMER: Penelitian ini bersifat eksperimental. Wordlist Indonesia tidak kompatibel dengan wallet standar (MetaMask, Ledger, dll). Seed phrase yang dibuat tidak dapat di-import ke wallet lain.
Smart contract security is paramount, but identifying intricate business logic vulnerabilities remains a persistent challenge because existing solutions consistently fall short: manual auditing is unscalable, static analysis tools are plagued by false positives, and fuzzers struggle to navigate deep logic states within complex systems. Even emerging AI-based methods suffer from hallucinations, context constraints, and a heavy reliance on expensive, proprietary Large Language Models. In this paper, we introduce Heimdallr, an automated auditing agent designed to overcome these hurdles through four core innovations. By reorganizing code at the function level, Heimdallr minimizes context overhead while preserving essential business logic. It then employs heuristic reasoning to detect complex vulnerabilities and automatically chain functional exploits. Finally, a cascaded verification layer validates these findings to eliminate false positives. Notably, this approach achieves high performance on lightweight, open-source models like GPToss-120B without relying on proprietary systems. Our evaluations demonstrate exceptional performance, as Heimdallr successfully reconstructed 17 out of 20 real-world attacks post June 2025, resulting in total losses of $384M, and uncovered 4 confirmed zero-day vulnerabilities that safeguarded $400M in TVL. Compared to SOTA baselines including both official industrial tools and academic tools, Heimdallr at most reduces analysis time by 97.59% and financial costs by 98.77% while boosting detection precision by over 93.66%. Notably, when applied to auditing contests, Heimdallr can achieve a 92.45% detection rate at a negligible cost of $2.31 per 10K LOC. We provide production-ready auditing services and release valuable benchmarks for future work.
Yao Zhao, Zhang Sheng, Shengchen Duan, Shen Wang · 6 authors
Obfuscation raises the interpretation cost of smart-contract auditing, yet its signals are hard to transfer across chains. We present HOBFNET, a fast surrogate of OBFPROBE, enabling million-scale cross-chain scoring. The model aligns with tool outputs on Ethereum (PCC 0.9158, MAPE 8.20 percent) and achieves 8-9 ms per contract, yielding a 2.3k-5.2k times speedup. Across BSC, Polygon, and Avalanche, we observe systematic score drift, motivating within-chain percentile queues (p99 as the main queue, p99.9 as an emergency queue). The high-score tail is characterized by rare selectors, external-call enrichment, and low signature density, supporting secondary triage. Cross-chain reuse is tail-enriched and directionally biased from smaller to larger ecosystems. On two publicly alignable cross-chain spillover cases, both fall into the p99 queue, indicating real-world hit value. We deliver a two-tier audit queue and a cross-chain linkage workflow for practical security operations.
Amer A. Hijazi, Ali Alashwal, Milad Baghalzadeh Shishehgarkhaneh, Rodrigo N. Calheiros
. The integration of Blockchain with Building Information Modelling (BIM) addresses persistent challenges of transparency, accountability, interoperability, and trust in construction. Yet, systematic insights into Blockchain–BIM implementation remain limited. This study conducts a Systematic Literature Review (SLR), identifying six lifecycle stages where integration occurs, supported by 29 workflows and 30 technical methods. Applications include blockchain-secured design reviews, provenance tracking, automated procurement, smart payments, and immutable handover records. BIM data types—design metadata, cost and schedule data, IoT evidence, and compliance records—are mapped to smart contract functions and blockchain platforms. Key mechanisms such as hybrid on/off-chain storage, cryptographic hashing, access controls, and watermarking are comparatively analyzed. Results show permissioned platforms (e.g., Hyperledger Fabric) enable controlled collaboration, while public ones (e.g., Ethereum) support transparency and tokenization. The review provides a structured taxonomy and conceptual framework to advance theory and guide Blockchain–BIM adoption in complex construction projects.
Eclipse attacks isolate blockchain nodes by monopolizing their peer-to-peer connections. The attacks were extensively studied in Bitcoin (SP'15, SP'20, CCS'21, SP'23) and Monero (NDSS'25), but their practicality against Ethereum nodes remains underexplored, particularly in the post-Merge settings. We present the first end-to-end implementation of an eclipse attack targeting Ethereum (2.0 version) execution-layer nodes. Our attack exploits the bootstrapping and peer management logic of Ethereum to fully isolate a node upon restart. We introduce a multi-stage strategy that majorly includes (i) poisoning the node's discovery table via unsolicited messages, (ii) infiltrating Ethereum's DNS-based peerlist by identifying and manipulating the official DNS crawler, and (iii) hijacking idle incoming connection slots across the network to block benign connections. Our DNS list poisoning is the first in the cryptocurrency context and requires only 28 IP addresses over 100 days. Slots hijacking raises outgoing redirection success from 45\% to 95\%. We validate our approach through controlled experiments on Ethereum's Sepolia testnet and broad measurements on the mainnet. Our findings demonstrate that over 80\% of public nodes do not leave sufficient idle capacity for effective slots occupation, highlighting the feasibility and severity of the threat. We further propose concrete countermeasures and responsibly disclosed all findings to Ethereum's security team.
Several works in the literature have focused on the analysis of key stylized facts of financial and cryptocurrency returns linked to fundamental problems of efficiency and predictability of financial and cryptocurrency markets, including heavy tails, absence of linear autocorrelations and volatility clustering. This paper provides a study of the above properties of Bitcoin and Ethereum markets using recently proposed robust, valid and statistically justified definitions of and methods for inference on market (in)efficiency, volatility clustering, and nonlinear dependence in return time series. In contrast to existing approaches, the inference methods used in the analysis are robust to heavy-tailedness, dependence and nonlinear dynamics of returns. The results of the study indicate that Bitcoin and Ethereum returns exhibit heavy tails, uncorrelatedness over time and volatility clustering largely similar to those in developed financial markets. The analysis has important implications for cryptocurrency pricing, market efficiency, econometric modeling, risk management, market participants and regulators.
As 6G networks evolve, spectrum assets require flexible, dynamic, and efficient utilization, motivating blockchain based spectrum securitization. Existing approaches based on ERC404 style hybrid token models rely on frequent minting and burning during asset transfers, which disrupt token identity continuity and increase on chain overhead. This paper proposes the Semi Fungible Token Lock (SFT Lock) method, a lock/unlock based mechanism that preserves NFT identity and historical traceability while enabling fractional ownership and transferability. By replacing mint/burn operations with deterministic state transitions, SFT Lock ensures consistent lifecycle representation of spectrum assets and significantly reduces on chain operations. Based on this mechanism, a modular smart contract architecture is designed to support spectrum authorization, securitization, and sharing, and a staking mechanism is introduced to enhance asset liquidity. Experimental results on a private Ethereum network demonstrate that, compared with ERC404 style hybrid token models, the proposed method achieves substantial gas savings while maintaining functional correctness and traceability.