Dr. Friedhelm Victor

Research Scientist at TRM Labs.

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Berlin, Germany

I study how much anonymity decentralized financial systems actually provide to their users, what undermines it, and how analysis methods in this space can be put on a rigorous scientific footing.

My work combines empirical measurement, graph analytics and security research, including:

  • Evaluating the anonymity of blockchain users, e.g., privacy risks from off-chain cues (PETS ‘26) and in the Lightning Network (FC ‘21)
  • Measurement of peer-to-peer networks, e.g., anomalous peers that threaten user privacy in Monero’s P2P network (AFT ‘26)
  • Privacy properties of cryptocurrencies, from address clustering in Ethereum (FC ‘20) to privacy-focused systems such as Monero, e.g., wallet implementations (ICBC ‘24) and decentralized P2P exchanges (FC Workshops ‘25)
  • Financial crime detection, e.g., wash trading (WWW ‘21) and pump-and-dump schemes (ICDMW ‘19)
  • Graph analytics for complex financial networks (KDD ‘21, NeurIPS ‘22 Datasets & Benchmarks)

I enjoy supervising students: several master’s theses I supervised have turned into publications, most recently at PETS and AFT. Students interested in a thesis on these topics are welcome to reach out about external co-supervision together with an advisor at their institution. I have co-organized the Cryptoasset Analytics Workshop (CAAW) every year since its first edition in 2022.

I received my doctoral degree (summa cum laude) from TU Berlin in 2022. Before that, I completed a dual master’s degree in Computer Science at TU Berlin and KAIST, and a bachelor’s degree in Software Engineering at the Hasso Plattner Institute.

news

Oct 15, 2026 I’m co-organizing the 6th Cryptoasset Analytics Workshop (CAAW 2027), co-located with Financial Cryptography 2027 in Barbados.
Sep 09, 2026 Two new papers this year with students I supervised: Pseudonymity at Risk: Linkage Attacks on Blockchain Users with Off-Chain Cues at PETS 2026, and Friend or Foe? Anomalous Peers in Monero’s P2P Network at AFT 2026 (see also the TRM Labs blog post on this research).
Oct 03, 2025 I gave a talk on anomalous peers in Monero’s P2P network at the Yale Applied Cryptography Laboratory seminar.

selected publications

  1. PETS
    Pseudonymity at Risk: Linkage Attacks on Blockchain Users with Off-Chain Cues
    Alexander Smirnov, Stefan Schmid, and Friedhelm Victor
    Proceedings on Privacy Enhancing Technologies, 2026
  2. AFT
    Friend or Foe? Anomalous Peers in Monero’s P2P Network
    Yannik Kopyciok, Stefan Schmid, and Friedhelm Victor
    In 7th Conference on Advances in Financial Technologies (AFT 2026), 2026
  3. KDD
    Alphacore: Data Depth Based Core Decomposition
    Friedhelm Victor, Cuneyt G. Akcora, Yulia R. Gel, and 1 more author
    In Proceedings of the 27th ACM SIGKDD Conference on Knowledge Discovery & Data Mining, Virtual Event, Singapore, 2021
  4. WWW
    Detecting and Quantifying Wash Trading on Decentralized Cryptocurrency Exchanges
    Friedhelm Victor, and Andrea Marie Weintraud
    In Proceedings of The Web Conference, 2021
  5. FC
    Address Clustering Heuristics for Ethereum
    Friedhelm Victor
    In Financial Cryptography and Data Security, 2020