Watch Your Back: Identifying Cybercrime Financial Relationships in Bitcoin through Back-and-Forth Exploration
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Abstract (arXiv)
Cybercriminals often leverage Bitcoin for their illicit activities. In this work, we propose back-and-forth exploration, a novel automated Bitcoin transaction tracing technique to identify cybercrime financial relationships. Given seed addresses belonging to a cybercrime campaign, it outputs a transaction graph, and identifies paths corresponding to relationships between the campaign under study and external services and other cybercrime campaigns. Back-and-forth exploration provides two key contributions. First, it explores both forward and backwards, instead of only forward as done by prior work, enabling the discovery of relationships that cannot be found by only exploring forward (e.g., deposits from clients of a mixer). Second, it prevents graph explosion by combining a tagging database with a machine learning classifier for identifying addresses belonging to exchanges. We evaluate back-and-forth exploration on 30 malware families. We build oracles for 4 families using Bitcoin for C&C and use them to demonstrate that back-and-forth exploration identifies 13 C&C signaling addresses missed by prior work, 8 of which are fundamentally missed by forward-only explorations. Our approach uncovers a wealth of services used by the malware including 44 exchanges, 11 gambling sites, 5 payment service providers, 4 underground markets, 4 mining pools, and 2 mixers. In 4 families, the relations include new attribution points missed by forward-only explorations. It also identifies relationships between the malware families and other cybercrime campaigns, highlighting how some malware operators participate in a variety of cybercriminal activities.
Key facts. Cited by 4 papers in the map (data through 7 Oct 2026). First posted on arXiv 1 Jun 2022.
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Citing papers per year: 2024: 2; 2025: 2.
4 papers.
- 2024Bitcoin Research with a Transaction Graph Datasetcited by 3
- 2025Large Language Models for Cryptocurrency Transaction Analysis: A Bitcoin Case Studycited by 3
- 2024Clean Up the Mess: Addressing Data Pollution in Cryptocurrency Abuse Reporting Servicescited by 0
- 2025Linking Cryptoasset Attribution Tags to Knowledge Graph Entities: An LLM-based Approachcited by 0
- 2025Linking Cryptoasset Attribution Tags to Knowledge Graph Entities: An LLM-based Approach12 Feb 2025
- 2025Large Language Models for Cryptocurrency Transaction Analysis: A Bitcoin Case Study30 Jan 2025
- 2024Bitcoin Research with a Transaction Graph Dataset15 Nov 2024
- 2024Clean Up the Mess: Addressing Data Pollution in Cryptocurrency Abuse Reporting Services28 Oct 2024