Reference : Frontrunner Jones and the Raiders of the Dark Forest: An Empirical Study of Frontrunn...
Scientific congresses, symposiums and conference proceedings : Paper published in a book
Engineering, computing & technology : Computer science
http://hdl.handle.net/10993/47450
Frontrunner Jones and the Raiders of the Dark Forest: An Empirical Study of Frontrunning on the Ethereum Blockchain
English
Ferreira Torres, Christof mailto [University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > SEDAN >]
Camino, Ramiro mailto [Luxembourg Institute of Science & Technology - LIST]
State, Radu mailto [University of Luxembourg > Interdisciplinary Centre for Security, Reliability and Trust (SNT) > SEDAN >]
2021
USENIX Security Symposium, Virtual 11-13 August 2021
Yes
30th USENIX Security Symposium,
from 11-08-2021 to 13-08-2021
[en] Ethereum ; frontrunning ; smart contracts ; arbitrage
[en] Ethereum prospered the inception of a plethora of smart contract applications, ranging from gambling games to decentralized finance. However, Ethereum is also considered a highly adversarial environment, where vulnerable smart contracts will eventually be exploited. Recently, Ethereum's pool of pending transaction has become a far more aggressive environment. In the hope of making some profit, attackers continuously monitor the transaction pool and try to frontrun their victims' transactions by either displacing or suppressing them, or strategically inserting their transactions. This paper aims to shed some light into what is known as a dark forest and uncover these predators' actions. We present a methodology to efficiently measure the three types of frontrunning: displacement, insertion, and suppression. We perform a large-scale analysis on more than 11M blocks and identify almost 200K attacks with an accumulated profit of 18.41M USD for the attackers, providing evidence that frontrunning is both, lucrative and a prevalent issue.
http://hdl.handle.net/10993/47450
FnR ; FNR13192291 > Christof Ferreira Torres > Blockchain for Finance > Secure Blockchain Technologies For Finance > 01/10/2018 > 31/03/2022 > 2018

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