Exploring the Security of Cryptocurrencies: Insights from Maria Apostolaki
The Dual Nature of Cryptocurrency Security
Cryptocurrencies are often praised for their ability to securely record transactions through tamper-proof technology. However, the question of their overall security is more complex, as it heavily relies on the underlying internet infrastructure. Maria Apostolaki, an assistant professor of electrical and computer engineering at Princeton University, sheds light on this critical issue.
Vulnerabilities in the System
Apostolaki, who joined Princeton in September 2022, has extensive experience in identifying potential security flaws in cryptocurrency networks. During her time at ETH Zurich, she conducted research that revealed significant vulnerabilities in the Bitcoin network. Her findings were published in two peer-reviewed papers, one in 2017 and the other in 2021.
Types of Attacks on Bitcoin
Among the various attack methods she uncovered, three stand out:
- Partitioning Attack: This method involves diverting internet traffic to split the Bitcoin network into two separate components, leading to the creation of two independent blockchains. Such a split undermines the fundamental principle of a single, verifiable ledger necessary for cryptocurrencies.
- Delay Attack: In this scenario, attackers intercept internet traffic at strategic points, effectively preventing victims from accessing the blockchain. As a result, victims are unable to participate in the network while new blocks are added, leading to wasted time and resources without their knowledge.
- Perimeter Attack: This attack allows adversaries to link a Bitcoin user’s pseudonymous identity to their real-world identity. Consequently, attackers can monitor all transactions made by the victim.
These attacks exploit weaknesses in the internet rather than the design of Bitcoin itself, highlighting the critical need for enhanced security measures.
Innovative Solutions for Enhanced Security
In response to these vulnerabilities, Apostolaki has developed countermeasures that incorporate advanced network policies, modern hardware, and cross-layer monitoring. One of her notable contributions is the design of a secure overlay network, which aims to protect cryptocurrencies from the very attacks she identified in her research.
Rethinking Internet Infrastructure
Apostolaki believes that the challenges posed by cryptocurrencies can serve as a catalyst for re-evaluating and improving internet infrastructure. She draws parallels to how the rise of renewable energy has prompted discussions about modernizing the energy grid. “Blockchains and cryptocurrencies provide a strong incentive for researchers to rethink the foundations of internet security,” she explains.
Education and the Future of Internet Security
This semester, Apostolaki is co-teaching an undergraduate course with Prateek Mittal, a professor of electrical and computer engineering, focused on information security. The course covers a wide array of security topics, including the specific challenges presented by blockchain technology, particularly at the network layer.
“The internet is an ongoing project,” Apostolaki emphasizes. “We need people to work on it. It’s essential to consider the implications of recent trends and allow the internet to evolve.”
Through her work and teaching, Apostolaki is not only addressing critical security issues but also inspiring a new generation of engineers and researchers to contribute to the ever-evolving landscape of internet security.
