From Scarcity to Opportunity: Examining Abuse of the IPv4 Leasing Market

Since the exhaustion of unallocated IP addresses at the Internet Assigned Numbers Authority (IANA), a market for IPv4 addresses has emerged. In complement to purchasing address space, leasing IP addresses is becoming increasingly popular. Leasing provides a cost-effective alternative for organizations that seek to scale up without a high upfront investment. However, malicious actors also benefit from leasing as it enables them to rapidly cycle through different addresses, circumventing security measures such as IP blocklisting. We explore the emerging IP leasing market and its implications for Internet security. We examine leasing market data, leveraging blocklists as an indirect measure of involvement in various forms of network abuse. In February 2025, leased prefixes were 2.89× more likely to be flagged by blocklists compared to non-leased prefixes. This result raises questions about whether the IP leasing market should be subject to closer scrutiny.