Cybercrime on the ethereum blockchain

IF 3.6 2区经济学 Q1 BUSINESS, FINANCE

Journal of Banking & Finance Pub Date : 2025-03-08 DOI:10.1016/j.jbankfin.2025.107419

Lars Hornuf , Paul P. Momtaz , Rachel J. Nam , Ye Yuan

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引用次数: 0

Abstract

We examine how cybercrime impacts victims’ risk-taking and returns. The results from our difference-in-differences analysis of a sample of victim and matched non-victim investors on the Ethereum blockchain are in line with prospect theory and suggest that victims increase their long-term total risk-taking after losing part of their wealth, leading to lower risk-adjusted returns in the post-cybercrime period. Victims’ long-term total risk-taking increases because they increase diversifiable risk due to victims’ post-cybercrime withdrawal from altcoins. At the same time, the reduction in risk-adjusted returns correlates with increased trading activity and churn, due plausibly to managing cybercrime exposure. In the cross-section of Ethereum addresses, we show that the most affluent victims take a systematic approach to restore their pre-cybercrime wealth level, while the least affluent victims turn into gamblers. Finally, a parsimonious forensic model explains a good part of the addresses’ probability of being involved in cybercrime, on both the victim and the cybercriminal side.

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以太坊区块链的网络犯罪

我们研究了网络犯罪如何影响受害者的冒险和回报。我们对以太坊区块链上的受害者和匹配的非受害者投资者样本的差异分析结果符合前景理论，并表明受害者在失去部分财富后增加了长期的总风险承担，导致后网络犯罪时期风险调整后的回报较低。由于受害者在网络犯罪后退出山寨币，他们增加了可分散的风险，因此受害者的长期总风险增加。与此同时，风险调整后回报的减少与交易活动和客户流失的增加有关，这似乎与管理网络犯罪风险有关。在以太坊地址的横截面中，我们表明，最富裕的受害者采取系统的方法来恢复他们在网络犯罪前的财富水平，而最不富裕的受害者则变成了赌徒。最后，一个简洁的法医模型从受害者和网络罪犯两方面解释了这些地址参与网络犯罪的很大一部分可能性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Banking & Finance Multiple-

CiteScore

6.40

自引率

5.40%

发文量

262

期刊介绍： The Journal of Banking and Finance (JBF) publishes theoretical and empirical research papers spanning all the major research fields in finance and banking. The aim of the Journal of Banking and Finance is to provide an outlet for the increasing flow of scholarly research concerning financial institutions and the money and capital markets within which they function. The Journal''s emphasis is on theoretical developments and their implementation, empirical, applied, and policy-oriented research in banking and other domestic and international financial institutions and markets. The Journal''s purpose is to improve communications between, and within, the academic and other research communities and policymakers and operational decision makers at financial institutions - private and public, national and international, and their regulators. The Journal is one of the largest Finance journals, with approximately 1500 new submissions per year, mainly in the following areas: Asset Management; Asset Pricing; Banking (Efficiency, Regulation, Risk Management, Solvency); Behavioural Finance; Capital Structure; Corporate Finance; Corporate Governance; Derivative Pricing and Hedging; Distribution Forecasting with Financial Applications; Entrepreneurial Finance; Empirical Finance; Financial Economics; Financial Markets (Alternative, Bonds, Currency, Commodity, Derivatives, Equity, Energy, Real Estate); FinTech; Fund Management; General Equilibrium Models; High-Frequency Trading; Intermediation; International Finance; Hedge Funds; Investments; Liquidity; Market Efficiency; Market Microstructure; Mergers and Acquisitions; Networks; Performance Analysis; Political Risk; Portfolio Optimization; Regulation of Financial Markets and Institutions; Risk Management and Analysis; Systemic Risk; Term Structure Models; Venture Capital.