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Nonextensive triplets in cryptocurrency exchanges

PHYSICA A-STATISTICAL MECHANICS AND ITS APPLICATIONS 2018年 505卷 1069-1074页

作者： Stosic, Darko Stosic, Dusan Ludermir, Teresa B. Stosic, Tatijana Univ Fed Pernambuco Ctr Informat Av Luiz Freire S-N BR-50670901 Recife PE Brazil Univ Fed Rural Pernambuco Dept Estat & Informat Rua Dom Manoel de Medeiros S-N BR-2171900 Recife PE Brazil

Cryptocurrencies represent a new type of financial assets that are traded in a decentralized and transparent way. Recently, cryptocurrencies with large market capitalization (mostly Bitcoin) have been studied theoretically, but a deeper understanding of their underlying mechanisms remains elusive. Here we explore the nonextensivity of price changes for 20 cryptocurrency exchanges from 2013 until 2017. We discover nonextensive triplets in the cryptocurrency market, where the three associated values for Bitcoin are remarkably close to those of the logistic map near the edge of chaos. The current findings strongly indicate that the cryptocurrency market represents a system whose physics is properly described by nonextensive statistical mechanics. Our results shed light on the complex and volatile nature of cryptocurrencies, and establish the first formal link with the nonextensive theory. (C) 2018 Elsevier B.V. All rights reserved.

关键词： Non-extensive statistical mechanics cryptocurrency exchanges Bitcoin q-triplet

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Critical success factors of users' continuous intention of adopting cryptocurrency exchanges: LAS-VICT principle

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ELECTRONIC MARKETS 2024年第1期34卷 1-16页

作者： Au, Cheuk Hang Ho, Kevin K. W. Law, Kris. M. Y. Chiu, Dickson K. W. Edith Cowan Univ Sch Business & Law Perth Australia Univ Tsukuba Inst Business Sci Tokyo Japan Deakin Univ Inst Intelligent Syst Res & Innovat Melbourne Australia Univ Hong Kong Fac Educ Pok Fu Lam Hong Kong Peoples R China

The proliferation of cryptocurrencies has contributed to the emergence of different cryptocurrency exchanges (crypto-exchanges). While these services may be regarded as FinTech, involving cryptocurrency as the major transaction currency has made these services potentially distinctive from other fiat-based FinTech services. Thus, the critical success factors of crypto-exchanges may not be identical to those of other fiat-based FinTech services. Grounded on theories related to FinTech and service varieties, we developed a survey and explored the role of different factors on users' continuous intention of adopting the crypto-exchanges. Our results suggested that when users perceive specific crypto-exchange characteristics, they are more likely to adopt the exchange continuously. Combining previous literature, we name this set of factors "LAS-VICT principle", including low user-burden, asset-light, scalability, variety, innovativeness, scalability, and transparency. However, users' emphasis on factors may differ based on their cryptocurrency experience. Based on our findings, we provided some theoretical and practical implications.

关键词： Bitcoin Cryptocurrencies cryptocurrency exchanges FinTech Binance M15

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Cross-listings of blockchain-based tokens issued through initial coin offerings: Do liquidity and specific cryptocurrency exchanges matter?

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DECISIONS IN ECONOMICS AND FINANCE 2021年第2期44卷 957-980页

作者： Ante, Lennart Meyer, Andre Blockchain Res Lab Max Brauer Allee 466 D-22765 Hamburg Germany Univ Hamburg Fac Business Econ & Social Sci Von Melle Pk 5 D-20146 Hamburg Germany

Initial coin offerings (ICOs) represent a novel funding mechanism where digital tokens are issued on the blockchain and sold to investors. One major reason for the success of this financing model is the fact that the issued tokens can immediately be traded on secondary markets. This event study analyzes 250 exchange cross-listings of 135 different tokens issued through ICOs on 22 cryptocurrency exchanges. We find significant abnormal returns of 6.51% on the listing day and 9.97% over a seven-day window around the event. Further analysis shows that the results clearly differ for individual cryptocurrency exchanges, as listings on individual exchanges yield returns of up to 34% on the event day, while others are negligible. An investigation of liquidity-related metrics shows that lower prior trading volume and asset market capitalization have positive effect on listing returns. Investors use phases of high market liquidity to sell off positions around the period of cross-listing events. The results on the cross-listing effects of ICOs may be of relevance to investors/traders, ICO projects, cryptocurrency exchanges and regulators.

关键词： cryptocurrency cryptocurrency exchanges Blockchain Ethereum Event study Token sales

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Financial contagion in cryptocurrency exchanges: Evidence from the FTT collapse

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FINANCE RESEARCH LETTERS 2024年 67卷

作者： Galati, Luca Webb, Alexander Webb, Robert I. Univ Wollongong Sch Business Northfields Ave Wollongong NSW 2522 Australia Rozetta Inst Derivat Markets Res Ctr 55 Harrington St Sydney NSW 2000 Australia Univ Molise Dept Econ Via Francesco Sanctis I-86100 Campobasso Italy Univ Virginia McIntire Sch Commerce 140 Hosp Dr Charlottesville VA 22903 USA

To what extent does the collapse of a digital token spread contagion across cryptocurrency markets? How do markets incorporate information in this turbulent setting? We examine contagion effects across major digital exchanges during the collapse of the FTX exchange and its token, FTT. We find evidence of contagion across crypto exchanges. We also examine the information cascade effects of other crypto assets on FTX when nearly all withdrawals were prohibited. We find abnormal returns for major assets, indicating a flight to safety from less to more authoritative digital assets. The implications for traders, exchanges, and policymakers are discussed.

关键词： Cryptocurrencies Stablecoins cryptocurrency exchanges Volatility spillovers Market crashes Financial contagion

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Buy Crypto, Sell Privacy: An Extended Investigation of the cryptocurrency Exchange Evonax

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INTERNATIONAL JOURNAL OF NETWORK MANAGEMENT 2025年第1期35卷

作者： Brechlin, Alexander Schaefer, Jochen Armknecht, Frederik Univ Mannheim Chair Dependable Syst Engn Mannheim Baden Wurttembe Germany

cryptocurrency exchanges have become a multi-billion dollar industry. Although these platforms are not only relevant for economic reasons but also from a privacy and legal perspective, empirical studies investigating the operations of cryptocurrency exchanges and the behavior of their users are surprisingly rare. A notable exception is a study analyzing the cryptocurrency exchange ShapeShift. While this study described new heuristics to retrieve a significant fraction of trades made on the plaform, its approach relied on identifying cryptocurrency transactions based on previously scraped trade data. This limited the analysis to the timeframe for which data had been acquired and likely led to false negatives in the transaction identification process. In this paper, we replicate and extend previous work by conducting an in-depth investigation of the cryptocurrency exchange Evonax. Our analysis is based on actual trading data acquired by using a novel methodology allowing to extract detailed information from the public blockchain and the interface of the exchange platform. We are able to identify 30,402 transactions between the launch of Evonax in February 2018 and December 31, 2022, which should be close to a complete set of all transactions. This allows us not only to analyze the business practices of a cryptocurrency exchange but also to identify a number of interesting use cases that are likely to be associated with illegal activity. This paper is an extended version of a research article previously accepted at the CryptoEx Workshop at IEEE ICBC 2024.

关键词： blockchain privacy cryptocurrency exchanges cryptocurrency forensics

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Deep Learning Empowered Blockchain Transaction Prediction and Anomaly Detection 1st

Deep Learning Empowered Blockchain Transaction Prediction an...

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1st Conference on Blockchain and Web3.0 Technology Innovation and Application, BWTAC 2024

作者： Hu, Yiren Wang, Wei Liu, Yiliang College of Electronic and Information Engineering Nanjing University of Aeronautics and Astronautics Nanjing China Xi’an Jiaotong University Xi’an China

ISBN: (纸本)9789819794119

With the rapid development of blockchain technology, cryptocurrency exchanges, as a critical application, have experienced a substantial increase in transaction volume. This surge provides opportunities for illicit activities such as money laundering and market manipulation, necessitating an effective regulatory framework. In this paper, we propose a regulatory approach for monitoring trading volumes. Our method entails a detailed analysis of trading data from multiple exchanges. We conduct feature engineering on the data and enhance features from a time series perspective. Utilizing deep learning models, we effectively capture the dynamic characteristics of the data and improve prediction accuracy. Furthermore, we establish refined dynamic threshold intervals based on data dynamics, enabling more efficient anomaly detection. We validated using real transaction data from Ethereum and compared it with conventional methods. The results demonstrate that our framework achieves higher prediction accuracy, greater sensitivity in anomaly detection, and more comprehensive detection results, thereby enhancing regulatory. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2025.

关键词： Blockchain technology cryptocurrency exchanges Regulatory framework

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SPCEX: Secure and Privacy-Preserving cryptocurrency Exchange

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IEEE TRANSACTIONS ON DEPENDABLE AND SECURE COMPUTING 2024年第5期21卷 4404-4417页

作者： Xie, Haomeng Yan, Zheng Xidian Univ Hangzhou Inst Technol Sch Cyber Engn Hangzhou 710071 Peoples R China Xidian Univ Hangzhou Inst Technol Sch Cyber Engn State Key Lab ISN Xian 710126 Peoples R China

The prosperity of blockchain technique has spawned numerous types of cryptocurrencies. However, a secure and privacy-preserving cryptocurrency exchange protocol that can support atomicity and unlinkability, and effectively resist various attacks is still missed in the literature. This article proposes SPCEX, a secure and privacy-preserving cryptocurrency exchange protocol, which supports atomicity and unlinkability, as well as resists collusion attacks, front-running attacks and Sybil attacks without relying on any trust execution environments (TEEs). SPCEX employs a mixing protocol to conceal trader involvement and preserve their identity privacy. It applies a privacy-preserving comparison algorithm based on an improved homomorphic re-encryption scheme to match buy and sell orders secretly, thus resisting front-running attacks. In addition, we construct atomic transactions with smart contracts to protect tokens of honest traders. A collateral deposit mechanism is employed to deter collusive parties and penalize abnormal behaviors, which discourages collusion attacks and Sybil attacks. We analyze the security and privacy of SPCEX, and formally prove the security of the improved homomorphic re-encryption scheme. Through proof-of-concept implementation, we demonstrate its validity and reliability, and show its advanced performance by comparing it with a cutting-edge scheme.

关键词： cryptocurrency Protocols Resists Resistance Blockchains Privacy Real-time systems cryptocurrency exchanges privacy preservation front-running attacks collusion attacks sybil attacks atomicity

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Cyber Security Threats to Bitcoin exchanges: Adversary Exploitation and Laundering Techniques

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IEEE TRANSACTIONS ON NETWORK AND SERVICE MANAGEMENT 2021年第2期18卷 1616-1628页

作者： Oosthoek, Kris Doerr, Christian Delft Univ Technol Cyber Threat Intelligence Lab NL-2628 CD Delft Netherlands Univ Potsdam Hasso Plattner Inst Digital Engn Cyber Threat Intelligence Lab D-14469 Potsdam Germany

Bitcoin is gaining traction as an alternative store of value. Its market capitalization transcends all other cryptocurrencies in the market. But its high monetary value also makes it an attractive target to cyber criminal actors. Hacking campaigns usually target an ecosystem's weakest points. In Bitcoin, the exchange platforms are one of them. Each exchange breach is a threat not only to direct victims, but to the credibility of Bitcoin's entire ecosystem. Based on an extensive analysis of 36 breaches of Bitcoin exchanges, we show the attack patterns used to exploit Bitcoin exchange platforms using an industry standard for reporting intelligence on cyber security breaches. Based on this we are able to provide an overview of the most common attack vectors, showing that all except three hacks were possible due to relatively lax security. We show that while the security regimen of Bitcoin exchanges is subpar compared to other financial service providers, the use of stolen credentials, which does not require any hacking, is decreasing. We also show that the amount of BTC taken during a breach is decreasing, as well as the exchanges that terminate after being breached. Furthermore we show that overall security posture has improved, but still has major flaws. To discover adversarial methods post-breach, we have analyzed two cases of BTC laundering. Through this analysis we provide insight into how exchange platforms with lax cyber security even further increase the intermediary risk introduced by them into the Bitcoin ecosystem.

关键词： Bitcoin Computer crime Cryptography Ecosystems Currencies Industries Vocabulary Bitcoin cryptocurrency exchanges cyber security cyber threat intelligence attacks vulnerabilities forensics

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FTX fiasco and global equity markets: evidence from event study approach

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JOURNAL OF FINANCIAL ECONOMIC POLICY 2023年第4/5期15卷 396-407页

作者： Goyal, Priyanka Soni, Pooja Panjab Univ Univ Business Sch Chandigarh India

PurposeThis study aims to investigate the impact of FTX bankruptcy on the global stock markets, including both the developed and emerging markets, as per the Morgan Stanley Capital Investment (MSCI) country classification. Design/methodology/approachUsing the daily closing prices for leading stock market indices of all 47 countries in the MSCI market classification, comprising 23 developed markets and 24 emerging markets, the event study methodology is used to examine the impact of the event on developed markets, emerging markets and overall global equity markets. FindingsThe study finds heterogeneous effects of the event on different countries. Results indicate that overall global equity markets experienced a statistically significant positive cumulative average abnormal returns of 15.8533% in the complete event window of 28 days from t - 7 to t + 20. The authors conclude that traditional global equity markets can be used as a hedge against potential financial risk posed by unfavorable events in the cryptocurrency markets and have safe haven properties. Practical implicationsThe study emphasizes the global financial system's interconnectedness and the potential of traditional equity markets to hedge risks in the cryptocurrency market. The findings are relevant for investors seeking portfolio diversification and mitigating their exposure to potential risks in the cryptocurrency market. Originality/valueTo the best of the authors' knowledge, the present study is the earliest attempt to comprehensively examine the impact of the bankruptcy of the world's fourth largest cryptocurrency exchange, FTX, on the global equity markets.

关键词： Global equity markets Event study FTX bankruptcy Abnormal returns cryptocurrency cryptocurrency exchanges Diversification Financial markets Investment Investment decisions Financial markets and institutions Financial risk and risk management

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Modern information technologies in law education: Teaching innovative principles of taxation of financial assets based on international legal experience

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EDUCATION AND INFORMATION TECHNOLOGIES 2024年第12期29卷 15691-15709页

作者： Troyanskaya, Marija Tyurina, Yuliya Ermakova, Elena Orenburg State Univ Dept State & Municipal Adm Orenburg Russia Financial Univ Govt Russian Federat Dept Publ Finance Moscow Russia Yuri Gagarin State Tech Univ Saratov SSTU Dept Finance & Banking Saratov Russia

The research objective is to analyze contemporary information technologies and their application in teaching the legal aspects of taxing financial assets in higher educational institutions. Drawing upon international legal experience, the goal is to identify optimal innovative principles for the integration of information technologies to enhance the effectiveness of teaching and comprehension of this legal discipline. To assess the influence of integrating information technologies on the academic achievements and competencies of law students, instructors conducted a retrospective analysis of students' academic records from the preceding semester, during which a conventional educational curriculum was implemented. Semester grades were meticulously recorded for each student. The utilization of information-based pedagogical approaches introduced in the subsequent semester yielded a discernible enhancement in the mean academic performance of the law students. Specifically, the average grade rose from 68.9 (corresponding to the use of traditional methods in the initial semester) to 77.2 (attained through the application of integrated methods in the latter semester). This outcome underscores a heightened level of scholastic attainment among students when information technologies were integrated into the educational process.

关键词： Blockchain Crypto assets cryptocurrency cryptocurrency exchanges Information technologies Legislative regulation Mining

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