Bitcoin P2P networking is especially vulnerable to networking threats because it is permissionless and does not have the security protections based on the trust in identities, which enables the attackers to manipulate the identities for Sybil and spoofing attacks. The Bitcoin node keeps track of its peer’s networking misbehaviors through ban scores. In this paper, we investigate the security problems of the ban-score mechanism and discover that the ban score is not only ineffective against the Bitcoin Message-based DoS (BM-DoS) attacks but also vulnerable to the Defamation attack as the network adversary can exploit the ban score to defame innocent peers. To defend against these threats, we design an anomaly detection approach that is effective, lightweight, and tailored to the networking threats exploiting Bitcoin’s ban-score mechanism. We prototype our threat discoveries against a real-world Bitcoin node connected to the Bitcoin Mainnet and conduct experiments based on the prototype implementation. The experimental results show that the attacks have devastating impacts on the targeted victim while being cost-effective on the attacker side. For example, an attacker can ban a peer in two milliseconds and reduce the victim’s mining rate by hundreds of thousands of hash computations per second. Furthermore, to counter the threats, we empirically validate our detection countermeasure’s effectiveness and performances against the BM-DoS and Defamation attacks.