SBU Researchers Uncover New Cybersecurity Risks in Blockchain, Win eCrime Medal

Researchers led by Professor Nick Nikiforakis from Stony Brook University's Department of Computer Science recently earned a bronze medal at eCrime 2024 in Boston for their paper, "Typosquatting 3.0: Characterizing Squatting in Blockchain Naming Systems."

The research revealed a new type of vulnerability in blockchain technology, focusing on how cybercriminals can exploit human error in blockchain naming systems.

PhD student Muhammad Muzammil, the study's lead author, explained how these vulnerabilities pose significant risks to users. Typosquatting, a deceptive practice that targets minor spelling errors in domain names, is now being applied to blockchain. This can lead to financial losses and compromised digital assets.

"Our research shows that as blockchain technology evolves, it also introduces new opportunities for malicious actors. A single typo in Blockchain Name Systems can result in cryptocurrency losses of the equivalent of thousands of dollars," said Nikiforakis, head of the PragSec Lab at Stony Brook.

Professor and chair of the Department of Computer Science, Samir Das, highlighted the importance of this work. "The team's findings contribute to a deeper understanding of cybersecurity risks and reinforce the need for stronger protections in emerging digital ecosystems. In this new area of cryptocurrencies and Web3, finding ways to safeguard our online interactions is crucial."

Read the full story by Yuganshu Jain at the Computer Science website.