Nydia REMOLINA LEON, Aurelio GURREA-MARTINEZ, Daniel LIU
This article provides a comprehensive analysis of the treatment of digital assets in insolvency. Given that cryptoassets can be the subject of various transactions—including purchase, sale, custody, and lending—understanding their nature and implications in insolvency is relevant for any firm, not just cryptoexchanges. The article begins by offering a general overview of the world of cryptoassets. It then examines the nature of cryptoassets from accounting, financial, and legal perspectives. While much of the literature on insolvency and cryptoassets has primarily focused on the analysis of whether cryptocurrencies constitute property of the estate, this article explores additional issues, such as the treatment, role and rights of tokenholders in insolvency, the initiation of insolvency proceedings by cryptolenders, and the valuation, recovery, and realization of digital assets in bankruptcy. Such analysis is conducted from a comparative perspective, examining how jurisdictions around the world have addressed some of those issues and how cryptoassets have been used to engineer innovative solutions in restructuring agreements.
This chapter examines the dual nature of virtual currencies. It mainly focuses on Bitcoin’s role in both financial innovation and illicit finance. This chapter analyzes the core mechanisms of anonymity and decentralization that make cryptocurrencies attractive to criminal activity. It was exemplified in the landmark Silk Road darknet marketplace case. The discussion traces the evolving regulatory response, from initial enforcement actions to the development of structured frameworks such as the GENIUS Act for stablecoins and the CLARITY Act for digital asset market classification. Further analysis covers the application of traditional securities and commodities laws to decentralized finance (DeFi). The MNGO Markets illustrated its exploitation case. The discussion centers around two blockchain applications: cross-border payments and the creation of immutable smart contracts to comply with General Data Protection Regulation (GDPR). This chapter concludes that cryptocurrencies exist as a dual-purpose technology. The system requires a sophisticated regulatory approach that lowers both financial crime risks and market integrity threats while preserving the potential for technological innovation.
Zero-knowledge privacy protocols let users hide transaction details on public blockchains. Systems like Tornado Cash, FixedFloat, and the Houdini Private Swap feature recently added to Jumper rely on cryptographic techniques that unlink sender and receiver addresses. These constructions give legitimate users meaningful protection for their financial activity. They also create a straightforward dual-use dilemma. The February 2025 Bybit incident supplies a clear example. Thieves stole $1.5 billion in ETH, the largest cryptocurrency theft on record. The FBI linked the attack to North Korea’s Lazarus Group. The stolen funds moved quickly through Tornado Cash. The resulting lack of transparency triggered a wave of customer withdrawals. Bybit responded by securing loans of several hundred million dollars from other institutions to keep its operations running. Cases like this demonstrate that zk-based privacy tools, when used at large scale for illicit purposes, can accelerate liquidity crises and place costs on market participants who had no involvement in the original theft. The real problem is not the underlying mathematics that delivers privacy. It lies in the missing mechanisms that could impose accountability on criminal actors while leaving the privacy protections for everyone else intact.
Purpose This paper aims to compare Ghana’s Virtual Asset Service Providers Act, 2025 (Act 1154), with the USA’s anti-money laundering (AML) framework for virtual assets. It asks whether a unified statute can give an emerging economy advantages over a fragmented, path-dependent regime. Design/methodology/approach The study uses functional and institutional comparative legal analysis. It reviews statutes, supervisory notices, sandbox materials and enforcement documents through a six-dimensional matrix mapped to Financial Action Task Force Recommendations 10, 12, 15, 16, 20, 26, 27 and 35. Findings Ghana’s Act offers statutory coherence, and early implementation steps show movement beyond a purely prospective regime. However, enforcement capacity for virtual asset service providers (VASPs) is still developing. The US framework is institutionally fragmented yet operationally mature. Ghana’s licensing model more closely resembles a banking charter than a money services business (MSB) registration, increasing demands on supervisory expertise, verification systems and technical infrastructure. Both frameworks also leave gaps around decentralized finance. Research limitations/implications Implementing regulations remain incomplete and Ghana does not yet have a mature enforcement record specific to VASPs. The analysis, therefore, combines legal design with early operational evidence rather than a full account of law in action. Practical implications Emerging-economy regulators need more than statutory clarity; they need credible supervisory capacity. VASPs in Ghana should expect operational requirements to evolve as implementation matures. Originality/value The paper offers an early comparative analysis of Ghana’s Act and contributes to debates on regulatory leapfrogging, implementation gaps and compliance capacity in the Global South.
Capital markets are at a structural inflection point. The question of whether distributed ledger technology (DLT) and tokenization would achieve institutional relevance has been answered. The focus has shifted to whether Europe will build the infrastructure to capture these benefits or cede that opportunity to other jurisdictions. At its most fundamental, this concerns who will define next-generation financial market architecture.
Abstract The modern single monetary real-value system suffers from long-term monetary alienation. Currency has evolved from a transaction tool into the ultimate target of wealth pursuit, triggering structural economic and social problems including capital hoarding, wealth polarization, economic involution, and class solidification. Based on the theoretical framework of The Symbiotic Order 1.0, this paper proposes a virtual-real dual-value hedging system consisting of currency and points. Without abolishing the existing monetary system or denying market division of labor and competition, the system establishes a positive-negative mirrored balance mechanism through the zero neutralization rule. The reverse hedging of currency income/expenditure and point increment/decrement eliminates the infinite hoarding attribute of currency and restores currency to its original instrumental positioning as a transaction medium. The system adopts a dual-track operation mechanism: the external monetary track encourages incremental economic expansion, technological progress and cultural export to maintain market vitality; the internal virtual-real hedging track reconstructs the allocation logic of stock resources and fundamentally restrains stock games and capital monopoly. Supported by basic point rules and cryptography technologies including homomorphic encryption and zero-knowledge proof, the system realizes rigid technical operation and avoids arbitrage by capital or power. This paper clarifies the institutional logic of competition motivation, verifying that the system corrects alienated monetary accumulation competition into original competition centered on experience right exchange, value creation and spiritual transcendence, rather than suppressing innovation and competition. Finally, it reflects on the institutional limitations and implementation thresholds. As a practical and targeted correction scheme for the dual contemporary dilemmas of capital concentration and nuclear deterrence deadlock, the system will become the optimal institutional choice when social predicaments reach critical thresholds. Key words: Symbiotic Order; virtual-real hedging; dual value system; monetary alienation; economic involution; institutional equilibrium
Yuanyuan Zhang, N. J. Lord, Stephen Chan, Jeffrey Chu · 5 authors
This study examines the relationship between global phishing crime and cryptocurrency-market conditions, with a specific focus on Ethereum. Using monthly data from January 2016 to December 2022, we analyse the returns of global phishing crime numbers together with six Ethereum financial metrics relating to transactions, trading volume, and price impact. We employ quantile regression, quantile-on-quantile regression, and Granger causality in quantiles to examine whether the relationship between Ethereum market indicators and phishing activity varies across different market states. The results reveal a state-dependent relationship. Large increases in phishing crime numbers are strongly associated with large increases in Ethereum transaction activity, average transaction price, and transaction quantity, while implicit transaction cost is predominantly negatively associated with phishing activity, particularly at the upper quantiles. These findings suggest that phishing risk is most pronounced during extreme market conditions and may be shaped by both reward-enhancing market activity and cost-enhancing transaction frictions. To interpret these patterns, we develop an incentive-based criminogenic mechanism in which Ethereum market conditions affect phishing activity through offenders’ expected payoff. We identify two mediating channels: a monetisation-frictions channel, operating through liquidity, price impact, slippage, and transaction costs; and an attention/information-asymmetry channel, operating through volatility, speculative attention, fear of missing out, and user vulnerability. The findings provide initial evidence that cryptocurrency-related phishing is not only a technical cybersecurity issue, but also a market-sensitive phenomenon shaped by financial incentives, liquidity conditions, and behavioural vulnerability. These insights can support regulators, law enforcement agencies, and cryptocurrency platforms in developing adaptive early-warning and prevention strategies.
2026년 1월 전자증권법·자본시장법 개정안이 국회를 통과하여 이른바 ʻ토큰증권ʼ 제도화의 법적 기반이 마련되었다. 본 논문은 ʻ토큰증권ʼ이라는 단일 정책 브랜드 아래 추진된 이번 입법이 실제로는 법적으로 독립된 두 과제, 즉 증권 인프라 상 분산원장의 도입(전자증권법)과 비정형적 증권의 유통 허용(자본시장법)으로 나뉘어져 있으며, 후자가 전자를 전제하지 않음을 논증하고자 한다. 분산원장 도입에 관하여는 발행인계좌관리기관의 기술적 진입장벽이 존재하는 점, 분산원장만 한정적으로 허용하는 방안의 규범적 근거가 미약하다는 점, EU DLT Pilot Regime 및 일본 전자기록이전권리와의 비교법적 시사점을 검토하였을 때 그 실효성의 한계가 있다는 점을 지적한다. 비정형적 증권 유통에 관하여는 투자계약증권의 공동사업 요건과 보충성 원칙에서 비롯되는 증권성 판단의 불확실성, 가상자산 규제 체계와의 경계의 불분명성, 기초자산 확장의 제도적 전제 사항을 분석한다. 이러한 구별에 기초하여, 발행인계좌관리기관 등록 요건의 실질화, 분산원장의 기능 중심적 기술 요건 설계, 증권성 판단의 예측 가능성 확보, 디지털자산기본법과의 선제적 조화, 기초자산 확장을 위한 제도적 기반 마련 등을 하위법령 정비의 방향성으로 제언한다.
Tato bakalářská práce je zaměřená na problematiku blockchainových oraclů a jejich propojení on-chain a off-chain světa. Výsledné řešení demonstruje hybridní oracle přímo na případu užití parametrického pojistného produktu podmíněného meteorologickými daty. V první, teoretické části jsou popsány principy technologie blockchain, ekosystém decentralizovaných financí (DeFi) a podrobná analýza problematiky oráclů, včetně existujících produkčních řešení, bezpečnostních hrozeb a mechanismů zvyšujících spolehlivost. Následně se práce zabývá analýzou požadavků a návrhem architektury systému. Je zde definována on-chain část v podobě smart kontraktů a off-chain část zajišťující zápis, sběr a agregaci meteorologických dat. V další části je popsána samotná implementace od volby technologií přes klíčové části zdrojového kódu až po off-chain klienty. Součástí je i popis zjištěných problémů a jejich řešení. V poslední části je provedeno shrnutí výsledků testování, analýza spotřeby gasu, bezpečnostní vyhodnocení a srovnání navrženého řešení s referenčním centralizovaným přístupem.
The concept of alternative finance is explored from a narrow and broad perspective. The latter defines it as segments of "gray" financial markets, outside the scope of regulation and traditional finance. "Dark" liquidity pools—trading transactions of major players in securities and currencies, operating anonymously, opaquely, and hidden from the public in the over-the-counter space through automated digital trading platforms—are presented as one element of the alternative finance system. The advantages and disadvantages of "dark" pools for financial market participants and exchange infrastructure are discussed. The problem of liquidity fragmentation caused by "dark" pools is highlighted, a problem inherent in decentralized finance, where liquidity is not concentrated on a single platform or trading system, but distributed among many. Emphasis is placed on the insufficient or complete lack of oversight and regulation of this alternative financial market segment. Examples of legislative and regulatory acts in a number of countries are provided.
Brandon Dulisse, Chivon H. Fitch, Nathan T. Connealy
Cryptocurrency fraud represents one of the fastest-growing financial crimes worldwide, yet the psychological mechanisms that enable these scams remain understudied. Drawing on 282 verified victim narratives from California and Wisconsin state crypto scam trackers (2023–2024), this study systematically coded the use of seven psychological tactics (PTacs) and seven psychological techniques (PTechs) previously validated in cyber social engineering research. Fraudulent trading platforms (51.5%) and pig-butchering schemes (33.7%) dominated the sample. Across all cases, scammers relied overwhelmingly on impersonation and persuasion techniques paired with fit-and-form and familiarity tactics. On average, 1.77 tactics and 1.86 techniques were deployed per incident; higher psychological complexity (4–6 combined elements) was significantly associated with greater financial losses in fraudulent trading platform scams ($135,346 vs. $63,034, p =.029). These findings demonstrate that cryptocurrency fraud resembles more of a repeatable, psychologically-engineered “playbook” rather than random opportunism by unorganized actors. By revealing consistent patterns of manipulation that scale harm, our study provides an evidence-based roadmap for prevention: psychologically informed user education, platform-level disruption of scripted interaction sequences, standardized narrative reporting in complaint systems, and proactive regulatory alerts keyed to emerging PTac/PTech signatures. Implementing these targeted interventions can materially reduce both victimization rates and aggregate financial losses in digital asset markets.
Robyn McCormack, Pamela Kent, Richard Kent, Young K. Ro · 5 authors
Purpose The purpose of this study is to conduct a systematic literature review of non-fungible tokens (NFTs) within the business-related disciplines of finance, marketing, management, law, economics, accounting and entrepreneurship. Key research themes and directions for future research are identified. Design/methodology/approach A mixed-methods synthesis is employed, combining bibliometric mapping with qualitative thematic analysis to trace the development of NFT research across business disciplines from 2021 to 2024. Findings The most dominant theme across the disciplines is the underlying economic modeling and valuation explaining how NFTs grow and maintain value. Researchers question whether NFTs hold legitimacy as tradeable assets within traditional financial systems. The consumer behavior discipline covers another central idea that NFT adoption introduces additional complexity to established assumptions about digital ownership, identity expression and platform engagement. Other notable themes include hedging and safe haven roles, fraud and financial integrity, legal and intellectual property issues, blockchain infrastructure, innovation, arts and entertainment, taxation and fiscal policy, and review and conceptual work. These themes are covered across the disciplines with the highest number of papers in finance (57 papers), followed by marketing (42), management (17), law (14), accounting and economics (6 each) and entrepreneurship (5). Originality/value NFT research has largely been fragmented within individual disciplines. This study adds value by offering an integrated review across business domains using bibliometric mapping and thematic analysis.
ABSTRACT Non‐fungible tokens (NFTs), as blockchain‐based cryptographic assets certifying unique digital ownership, have emerged as a transformative force in brand–consumer interactions. Building on prior work that primarily examined the social value of complementary NFTs, the current research advances the literature by systematically comparing two fundamental NFT typologies: complementary NFTs (interrelated collections with stylistic and attribute variations) and replicative NFTs (characterized by serialized identical or similar units). Through four experiments, this research demonstrates that these NFT types differentially influence core brand relationship constructs—while complementary NFTs prove more effective in cultivating brand intimacy, replicative NFTs significantly enhance perceived brand congruence. Moreover, brand history and brand strength are key boundary conditions moderating these effects. Our findings not only systematically demonstrate the divergent effects of replicative and complementary NFTs on consumer perceptions but also provide actionable guidelines for NFT portfolio strategy based on specific brand relationship objectives.
Blockchain Technology Applications and Security
Advanced Steganography and Watermarking Techniques
The cost of convenience. Cryptocurrencies are becoming more and more ubiquitous in the financial markets but have also become a basis for all crimes. It would be quite interesting to note this work follows a research field that focuses on crimes relating to cryptocurrencies and, more particularly, market integrity and investor trust implications. We examine how common types of offenses, such as fraud, money laundering and hacking, are presented in practice and consider practical examples which illustrate how strategies associated with cybercrime are constantly evolving. An evaluation of the degree of response from regulators and the effectiveness of measures already in place is used to provide a spotlight into the challenges experienced by the law enforcement and policymakers. We’ll plead for effective cooperation concerning advancements of the technology, frameworks of legislation, and awareness by the public for enhancing security in the cryptocurrency market. From this in-depth analysis, we hope people will become more sensitive to possible risks in using digital currencies and push harder for stricter safeguards for investors and the entire financial system. DOI - https://doi.org/10.65525/SVUP.9788199651524.2026.95-105
This thesis deals with investing in the cryptocurrency market. The main objective of the thesis is to determine the most suitable investment strategy based on historical data and analysis. The theoretical part is devoted to the introduction of cryptocurrencies, technologies associated with cryptocurencies, legal regulations, and the use of cryptocurrencies as a means of payment. In the practical part, the weak-form efficiency of the cryptocurrency market is first tested using the Wald-Wolfowitz runs test. Subsequently, the investment strategies Buy and Hold, Dollar Cost Averaging (DCA), moving average crossovers, and an equally weighted portfolio are compared. These strategies are evaluated using returns, volatility, Maximum Drawdown, and the Sharpe ratio. For comparison with more traditional markets, external benchmarking with the S&P 500 equity index is conducted.
This study focuses on cryptocurrencies. At the beginning it explains what cryptocurrency is, its main features and main areas of its significance for the economy. In this section it deals with the possibility of cryptocurrency one day replacing traditional money, trading opportunities cryptocurrencies offer, possibility to finance a business with digital coins and its availability to people without the access to banking services. A brief overview of cryptocurrency history and a definition of the technology of blockchain are also provided. The practical part of the thesis is analysing cryptocurrencies Bitcoin, Ethereum and Litecoin. Firstly, these are described in terms of their origin, emission, circulation, price development and process of mining. Secondly, the impact of selected factors on the price fluctuation of selected cryptocurrencies is evaluated using statistical methods and econometric models. The analysis showed the cryptocurrency prices are more dependent on the internal factors such as the transaction volume, transaction fee, total supply, demand and hashrate, than on the external factors such as interest rates, exchange rates, stock prices and the price of gold.
Blockchain technology and digital currencies have emerged as major disruptive forces in global finance, challenging traditional business models, financial systems, and corporate governance practices. As these technologies gain adoption, they have a profound impact on corporate financial management and, in particular, on the role of the Chief Financial Officer (CFO). The purpose of this master’s thesis is to examine how blockchain technology and cryptocurrencies influence financial management practices and to analyse the evolving responsibilities of the CFO in blockchain-oriented environments. The thesis is grounded in established theoretical frameworks on blockchain technology, distributed ledger systems, cryptocurrencies, decentralized finance (DeFi), centralized finance (CeFi), and digital financial instruments such as stablecoins, central bank digital currencies (CBDCs), initial coin offerings (ICOs), and security token offerings (STOs). These theories are complemented by literature on corporate finance, accounting standards, risk management, regulatory compliance, and technological innovation. Particular attention is given to consensus mechanisms, smart contracts, and the accounting and regulatory challenges associated with digital assets. A qualitative research approach was applied. Empirical data were collected through semi-structured interviews with CFOs and financial experts working in blockchain and fintech-related organizations. The collected data were analysed using thematic analysis to identify recurring patterns, challenges, and strategic responses related to blockchain adoption in financial management. The findings indicate that blockchain technology significantly transforms the CFO’s role by increasing the demand for technological competence, real-time financial oversight, and advanced risk management capabilities. Blockchain and cryptocurrency transactions were found to enhance transparency, improve treasury and working capital management, reduce operational costs through automation, and expand access to innovative financing methods. However, the study also identifies major challenges related to financial volatility, regulatory uncertainty, accounting treatment, and compliance obligations. The thesis concludes that while blockchain technology presents substantial strategic benefits, successful adoption requires CFOs to balance innovation with financial stability, regulatory compliance, and robust governance structures.
The bachelor’s thesis Institutional Arrangement of Cryptocurrencies primarily focuses on issues related to individual cryptocurrencies, cryptocurrency exchanges, and their regulation. Its aim is to compare individual cryptocurrency exchanges and the regulation of trading in these currencies across different countries. The first chapter defines cryptocurrencies and discusses individual digital currencies and the technologies on which they operate. The second chapter deals with cryptocurrency trading, focusing on exchanges and their comparison. The third chapter addresses regulation, particularly its forms, as well as regulation at the level of individual states and their comparison.