Impact and User Perception of Sandwich Attacks in the DeFi Ecosystem

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dc.contributor.authorWang, Ye
dc.contributor.authorZuest, Patrick
dc.contributor.authorYao, Yaxing
dc.contributor.authorLu, Zhicong
dc.contributor.authorWattenhofer, Roger
dc.date.accessioned2022-05-31T21:23:05Z
dc.date.available2022-05-31T21:23:05Z
dc.date.issued2022-04-29
dc.descriptionCHI '22: CHI Conference on Human Factors in Computing Systems, April 2022
dc.description.abstractDecentralized finance (DeFi) enables crypto-asset holders to conduct complex financial transactions, while maintaining control over their assets in the blockchain ecosystem. However, the transparency of blockchain networks and the open mechanism of DeFi applications also cause new security issues. In this paper, we focus on sandwich attacks, where attackers take advantage of the transaction confirmation delay and cause financial losses for victims. We evaluate the impact and investigate users’ perceptions of sandwich attacks through a mix-method study. We find that due to users’ lack of technical background and insufficient notifications from the markets, many users were not aware of the existence and the impact of sandwich attacks. They also had a limited understanding of how to resolve the security issue. Interestingly, users showed high tolerance for the impact of sandwich attacks on individuals and the ecosystem, despite potential financial losses. We discuss general implications for users, DeFi applications, and the community.en_US
dc.description.urihttps://dl.acm.org/doi/abs/10.1145/3491102.3517585en_US
dc.format.extent16 pagesen_US
dc.genreconference papers and proceedingsen_US
dc.genrepreprintsen_US
dc.identifierdoi:10.13016/m29cel-nha6
dc.identifier.citationYe Wang, Patrick Zuest, Yaxing Yao, Zhicong Lu, and Roger Wattenhofer. 2022. Impact and User Perception of Sandwich Attacks in the DeFi Ecosystem. In CHI Conference on Human Factors in Computing Systems (CHI '22). Association for Computing Machinery, New York, NY, USA, Article 591, 1–15. https://doi.org/10.1145/3491102.3517585
dc.identifier.urihttps://dl.acm.org/doi/10.1145/3491102.3517585
dc.identifier.urihttp://hdl.handle.net/11603/24769
dc.language.isoen_USen_US
dc.publisherACMen_US
dc.relation.isAvailableAtThe University of Maryland, Baltimore County (UMBC)
dc.relation.ispartofUMBC Information Systems Department Collection
dc.relation.ispartofUMBC Faculty Collection
dc.rightsThis item is likely protected under Title 17 of the U.S. Copyright Law. Unless on a Creative Commons license, for uses protected by Copyright Law, contact the copyright holder or the author.en_US
dc.titleImpact and User Perception of Sandwich Attacks in the DeFi Ecosystemen_US
dc.typeTexten_US
dcterms.creatorhttps://orcid.org/0000-0002-5759-9793en_US

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