Albert murphy cryptocurrency
Findings suggest research on cryptocurrency fraud is rapidly developing both in volume and breadth. Criminals appear to be rapidly expanding into other areas of fraud and research has, so far, been unable to keep up. While it is unwise to conflate the volume of research on particular types of fraud with the magnitude of offending, the existence of empirical evidence of a number of different types of fraud about which there is little academic research supports this assertion.
Key findings and limitations are discussed below, emphasising the need for further research on newly identified areas of cryptocurrency fraud and collaboration across stakeholders. Cryptocurrency fraud as a cyber-enabled crime Most sources portrayed cryptocurrency frauds as cyber-enabled frauds. In describing cryptocurrency frauds, researchers often refer to traditional financial frauds like Ponzi schemes Bartoletti et al.
These types of fraud are not new—Charles Ponzi first committed his namesake fraud in the s, promising high returns for investments in stamps Frankel, While the underlying characteristics of these frauds remain unchanged, implementation mechanisms have evolved. For example, there are significant parallels between ICOs and initial public offerings Barnes, ; Baum, but, rather than shares being offered via a stock exchange, ICOs raise funds through the blockchain.
Furthermore, smart contracts have transformed the way Ponzi schemes can be executed Bartoletti et al. Overall, however, the literature points to significant similarities between cryptocurrency frauds and traditional financial frauds or at least the academic imagination conceptualises it this way. Research refers to cryptocurrency frauds as cyber-dependent comparatively less often. Crypto-mining and wallet and exchange service frauds can be categorised as such.
In the case of wallet and exchange service frauds, fraudsters impersonate legitimate versions of such services, only to later steal money from victims Pryzmont, ; Samsudeen et al. These are, perhaps, the only two types of fraud identified which could be considered strictly crypto-dependent, as opposed to other crimes, such as ransomware, which—while cyber-dependent—are merely facilitated by cryptocurrencies. While these frauds were not particularly prominent in the literature, they illustrate how new technologies facilitate novel crime opportunities, not just in terms of the technologies themselves, but also through the supplementary services created alongside them.
As cryptocurrency use becomes more mainstream, new cyber-dependent methods of fraud may emerge. The fraud types identified in the expert consensus exercise were more evenly split in terms of cyber-enabled and cyber-dependent crimes. Three of the crimes discussed fake cryptocurrency wallets, cryptojacking, and ransomware are cyber-dependent, while pump-and-dump schemes and investment scams are cyber-enabled.
Definitions in the literature Insufficient reporting of definitions in the literature across all sectors but especially in non-academic literature was observed. In some cases, for example in legal sector sources both academic and non-academic , this may be due to disciplinary norms. Legal scholars tend to assume fraud definitions refer to their statutory definition, which would be known to their intended audience.
There were also different definitions of certain types of fraud across the literature. Furthermore, across the grey literature, types of crime ordinarily not considered fraud, per se—such as ransomware, embezzlement, and other malware—were all categorised as such.
In some cases, it was more difficult to synthesise the types of fraud due to disparities in definitions. There were different levels of depth in definitions across sectors. Finally, some publications referred to individual types of fraud that were actually sub-categories of other types of fraud.
For example, pump-and-dump schemes are one type of market manipulation. The third most discussed was phishing, which was newly identified in the research during the second iteration. Overall, 17 new types of fraud were identified in the updated literature review, all of which were cyber-enabled crimes. Interestingly, besides phishing, only two other newly identified types of crime—securities fraud and identity theft—were mentioned in more than one publication.
Some of this change could be due to the fields responsible for publishing these papers. In the first iteration, there were more computer science papers; they would be less likely to pick up on legal issues like securities fraud. The volume of research is growing rapidly—this review identified more eligible publications published in the last year than in the first several years included in the first iteration of the academic literature review.
Considering this rapid development, a follow-up expert consensus exercise could be useful, which we discuss in more detail below. Differences among sectors One of the primary conclusions from the sandpit exercise was the need for further collaboration among stakeholders. To address this, the updated version of this scoping review expanded to include grey literature sources.
New types of fraud e. This was true even though the academic review was recently updated. Notably, SIM swapping, forex fraud, and impersonation scams were completely absent from the academic literature. These may, indeed, be crimes that have only recently emerged in the cryptocurrency space.
In the public sector literature, Ponzi schemes, unspecified fraud, and ICO scams were the most frequently discussed types of fraud. Phishing was also frequently discussed in the public sector literature. It is possible that more research into—and a greater understanding of—these scams has made them less feasible, or at least has led to them being perceived as such.
There was less certainty among participants surrounding the profitability of investment scams; future academic research and collaboration with other stakeholders could serve to reduce this uncertainty. There could also, however, be a mismatch between research and practice. For example, our experts perceived crimes like ransomware and fake crypto wallets as profitable. Prior academic research has shown that ransomware, in particular, was not particularly so Conti et al.
However, the applicability of this academic work might be limited by its age, as more recent, private sector sources have suggested ransomware has been increasing in recent years and that it has the potential to be very profitable and harmful Chainalysis, ; CipherTrace, Beyond highlighting the need for further academic research on the impact of ransomware, this discrepancy emphasises the need for collaboration among stakeholders and academia in developing research agendas.
As noted by the expert participants of our sandpit activity, further collaboration is necessary across sectors to prioritise future research into cryptocurrency fraud. To facilitate this, a follow-up sandpit-style activity, informed by the updated and expanded scoping review, is recommended.
Since the number of types of frauds has significantly increased, and many types of fraud were only mentioned in a single study, this is crucial to prioritising future research. The follow-up exercise should include broad participation from a variety of sectors to get a more comprehensive view of the current and future cryptocurrency-based fraud landscape. Finally, an emphasis on consensus surrounding definitions of various types of fraud would be useful. This could ultimately lead to the collaborative development of standards in the field, which could help prevent future frauds.
Footnote 11 Limitations and Outlook The limitations of this and any scoping review concern choices regarding the eligibility criteria and search strategy used. First, this scoping review was limited to GS. While it may be argued that using a single database may result in some publications being missed, we believe GS provides comprehensive coverage of the issues on which this review focuses.
In designing the review, we conducted test runs across various databases, including ProQuest, Web of Science, and Scopus, with a combination of more general and more specific search terms. These searches returned a large volume of publications; however, many of the articles were merely news reports and the searches included many duplicates. In contrast to the other databases, GS returned the highest proportion of relevant, scientific work. While other similar studies for example, Badawi and Jourdan identified a higher volume of publications, this is primarily due to their broader inclusion criteria.
We tested multiple alternative search strings but found that these resulted in large volumes of irrelevant material being identified. The final search strings were chosen through trial and error, and were deemed to best reduce irrelevant material, while remaining processable in a reasonable timeframe.
We ultimately restricted the GS search to exact phrases as opposed to texts including the keywords in an unconnected manner because test queries identified too many potential but irrelevant records when the search terms were less specific. We acknowledge that we may have excluded relevant studies that alternative search strategies would have detected. However, the fact that we uncovered such a large range and number of scams and frauds means the implications of this on our overall conclusions are likely to be minimal.
Furthermore, GS lacks wildcard character functionality. However, in our experience, using wildcards on other databases primarily resulted in more noise, rather than better findings. Moreover, using wildcards reduces control over the search to a certain extent. We ultimately sacrificed some potential coverage for greater precision, control, reliability, and transparency. We limited our scoping review to research published in English.
Of the records screened in the first iteration of our review, only 14 were excluded because they were not in English i. In the second iteration, of the records reviewed, 20 were excluded because they were not in English i.
While future studies may benefit from including non-English sources, we do not feel their exclusion from this study meaningfully affected our conclusions. Some may argue that such publications lack peer-review and are therefore of lower academic value. However, while they would not be subject to the official peer-review process, they are likely to have undergone informal academic review. Furthermore, regardless of their peer-review status, they serve as an indicator of research effort within the field, which is what we sought to measure.
On the other hand, we excluded blogs and other sources which might more expeditiously capture what is currently happening or likely to happen in the future in terms of cryptocurrency fraud. We acknowledge that there is a trade-off between timely identification of types of fraud through these types of sources and credibility and verifiability.
Many blog posts do not involve rigorous analyses or empirical evidence, may exaggerate claims for marketing purposes or shock value, and do not undergo any outside review formal or informal. We sought to understand scams and frauds that have been verified including via some level of peer review in the case of academic publications and well-researched, rather than identify speculated, future-oriented insights.
If we had primarily consulted blogs, many of the insights reported in this paper would not have been identified due to the lack of detail compared to formal articles and reports. We ultimately strove for a balance between prompt identification of frauds and credibility by including electronic pre-prints, theses, and the like. However, only four of the full texts screened were excluded for this reason. Finally, only one researcher updated the academic literature scoping review and conducted the grey literature review.
Ultimately, we designed a rigorous process that was easily replicable and, therefore, do not consider it to have impacted our results. Unfortunately, it was not possible to glean such information from the literature in either iteration of this scoping review as it was largely absent.
The absence of these insights in the literature was one motivation for including these factors in the expert consensus exercise but it would, ultimately, be useful have these perspectives from the literature as well. We invite further studies to analyse these frauds in more depth. Since developments in this field are fast-paced, we also recommend regular updates to this scoping review to maintain an accurate view thereof.
Conclusions In recent years, governments have reported an increase in frequency and scale of frauds involving cryptocurrencies. The findings suggest scholarship on future problems and scenarios involving cryptocurrency fraud remains in its early stages, though research is rapidly developing both in volume and scope.
Even though many of the frauds identified in this research can be considered cyber-enabled rather than cyber-dependent , the new ways in which they are being committed using cryptocurrencies necessitates future research. Another notable finding was the lack of consistency or existence at all of definitions of the various types of fraud identified in the literature. Further consensus surrounding these definitions could lead to the collaborative development of standards in the cryptocurrency sector, which would facilitate prevention of future frauds.
This work can help guide research agendas and activities aimed at translating research into practice. Ultimately, the study emphasises the need for better collaboration across sectors in prioritising future research on and mitigations of frauds involving cryptocurrencies to better address the problems identified. Notes Not all cryptocurrencies employ PoW. Other mechanisms, such as Proof of Stake, are used by other cryptocurrencies.
There is also a lot of clustering in mining because electricity is the most vital component. This has led to massive shortages of supply in areas such as Kazakhstan — a key area of concentration for many miners. The environmental impact of cryptocurrencies is also at the top of minds of regulators and policymakers. The World Bank criticised the environmental impact of Bitcoin in the spring of Earlier this year the European Parliament narrowly voted to remove controversial provisions that would effectively ban proof of work systems under the proposed Markets in Crypto Assets Regulation MiCA.
Sweden has also been very vocal in advocating against proof of work mining when the increasing use of renewable energy sources by miners is at the expense of climate neutrality goals in other sectors such as in hospitals, as mentioned above. Is The Merge by Ethereum the answer to the sustainability problem? The completion of the Merge last month was a key milestone for Ethereum. The major outcome of the new consensus layer being merged is that Ethereum has stopped using proof of work mining and moved to a new system called "proof of stake" validation.
This is a notable change and one which was hotly anticipated, with the planned go live date having been delayed many times. As Ethereum is a public blockchain it also required the approval of the Ethereum community to make the upgrade. The Merge is significant from an environmental perspective because proof of stake validation dramatically reduces the energy profile of validating transactions to the Ethereum network.
It is estimated that proof of stake validation uses approximately The main reason for the significant drop in the energy usage is the design of the validation mechanism. Unlike proof of work which relies on vast computational power and therefore vast supplies of energy to solve a mathematical puzzle to mine a block of transactions, validation is instead achieved through a staking process.
Participants who wish to validate the next block each stake a minimum amount of cryptocurrency for Ethereum it is 32 ETH to qualify as one of multiple other participants all of whom want to be selected to validate the next block to the Ethereum blockchain. As with proof of work there is still a reward for correctly adding the block to the blockchain but the computer hardware and computational power and therefore energy consumption involved has no bearing on whether a participant will be selected or not.
The winning participant is randomly selected by an algorithm with the reward paid being proportionate to the amount staked. Flow on effects Initial reactions to the changes made by Ethereum to the blockchain network have been mixed. It is also likely other market forces played a role, such as the impact of the US Federal Reserve's interest rate hikes to combat inflation, which can dissuade consumers pursuing returns in alternative assets classes when the interest earned on savings held with banks improves.
As with any major software upgrade the longer term effects are also still to be understood and worked through. There is some concern cited of a creep towards centralisation over the longer term because of the effects of staking pools such as the big exchanges that control most of the resources required to secure the network. This will need to be understood.
An additional impact is the regulatory environment in relation to proof of stake networks. In recent years, we have seen increasing focus from regulatory authorities on the functionality of staking and the potential that it involves features and structures which are more aligned with what one would expect from securities, investment contracts or other forms of regulated investments such as pooling of assets and returns, absence of control of the investment property on a day-to-day basis, expectation of profit etc.
This is particularly true of exchanges and other market operators who often provide staking services as part of the package of services made available to users, whereby tokens held in custody are deployed for staking on the relevant underlying blockchain by the operator or a third-party, with a portion of that return then shared with those users. The Commissioner of the U. S Securities and Exchange Commission, speaking shortly after The Merge, but not necessarily about The Merge, said that staked tokens may well be subject to federal securities regulation because of their investment contract-like features.
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K Kluczniak, MH Au. And, if you do buy high and missed the opportunity to sell high yet refuse to cash out or sell lowremember that holding on to the cryptocurrency through a correction is the best way to deal with it. The cryptocurrency is trading below both the simple moving average and the simple moving average trend lines. Not having the right mindset also makes you more vulnerable to the hype machine surrounding Why Doesnt My Hashflare Code Work Contract Hashing24 cryptocurrency bubble.
Notify me of follow-up comments by email. This by itself is the most important value metric, but I place it at 2, simply because of the regulatory risk associated with 1 which can easily ruin a good project regardless of the founders experience.
I am however openly interested in the project, no point in hiding it. But besides this, there are several other reasons why you should be looking to buy IOTA Cryptocurrency. Lastly, many critics may argue that the value of Cardano ADA does not offer value for money, the end result is based on how the market will respond in and going forward. IOTA is quite an interesting coin, right?
Stellar Lumens XLM price is swimming in the red sea just like many other cryptocurrencies in the market. Utility tokens are not designed as investmentsthey provide users with future access to a product or service. Also, stay away from websites that claim they can outperform the market, provided you lend them your coins or an X amount of. Alright, so the 5th most important rule of crypto investment is to always look for projects with a tight token supply.
As with all active investments in general, it is wise to never commit more money than you can afford to lose. Always break down your investment into several entries and leave some reserve for you to be able to buy some more in case price drops additionally. Request is more than just another payment processing method. Leave a Reply Cancel reply Your email address will not be published. As a result, the overall travel experience is enhanced with travellers being provided with unbiased and relevant details about the desired destination.
Thinking of Holding a coin? IOTA Cryptocurrency is the one! Once this layer is fully implemented, identity management apps will be brought Making Money Trading Litecoin 24 Hour Volume Cryptocurrency as. During his 3 years in the industry, he has provided advisory services to investors on high returns cryptocoins like Ethereum and Bitcoin Cash. The cryptocurrency craze is catching up with. Do NEVER share your passwords or private keys — Although you will need to share your personal information with the exchange you want to use, including your public address, so as to receive digital coins, you should never disclose Bitcoin To Paypal Or Bank Ethereum Fees High passwords or private keys or give in to anybody telling you that you.
Also make sure that the founders will be bound to make their riches from their own tokenand not from the Ethers they raise during the ICO. A market order attempts to sell or buy at the current market price buys and sells available limit orders that sit on the books.
Cardano is, therefore, trying to bridge the gaps and offer the user value for money. Bitcoin is one of major coins that seems unable to deal with this issue, and if unresolved will hurt its value growth in the long-run. In essence, by investing in IOTA, you can be sure that you are putting your money into next-generation technology that will remain standing once blockchain becomes obsolete. For those who have been around since the invention of Bitcoin like me can attest to the current Fear of Missing Out FoMo panic buying of coins.
Below the level, the sellers will continue to control the market. Before investing you should obtain advice and decide whether the potential return outweighs the risks. This is not the way to do. The scramble for the cryptocurrency needs the right information before diving in. Have some coins to hold, some money put aside for a dip, some coins to trade weekly or daily, and some low-ball and high-ball orders set.
With the current system set up, developers are keen on avoiding the messy hard forks of BTG and ETH that eroded investor confidence. The purchase of security tokens can be seen as investment because they represent ownership of an assetsuch as debt or company stock.
Look at this that way — if you can choose between investing in experts and rookies, why would you ever choose the rookies? As a third generation coin, the ADA platform solves scalability and interoperability to make cryptocurrencies sustainable. The size is just about right and most importantly they have a very healthy portfolio of buyers with an average amount of approximately 2.
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