MaMIoT: Manipulation of Energy Market Leveraging High Wattage IoT Botnets

If a trader could predict price changes in the stock market better than other traders, she would make a fortune. Similarly in the electricity market, a trader that could predict changes in the electricity load, and thus electricity prices, would be able to make large profits. Predicting price changes in the electricity market better than other market participants is hard, but in this paper, we show that attackers can manipulate the electricity prices in small but predictable ways, giving them a competitive advantage in the market.