Online social networks (OSN) have started to integrate financial capabilities such as the usage of virtual currency. In OSNs with such capabilities, user accounts can also be used as financial ...accounts to manage virtual currency. Attackers are highly motivated to compromise user accounts and engage them in transactions to “steal” virtual currency. Such attacks represent a real and ongoing threat against a massive number of users in global social networks such as Tencent QQ. Aiming to address this emerging security concern, we have proposed an effective system, namely VC-Guard, to detect transactions that are likely initiated by attackers (i.e., suspicious transactions). Our system features the design and integration of multi-faceted features of each transaction. We have performed extensive experiments based on real-world data collected from Tencent QQ, a global leading OSN that has a virtual-currency-enabled ecosystem. Experimental results have demonstrated that our system has accomplished a high detection rate of 98.76% at a very low false positive rate of 1.24%.
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Selling virtual items is one of the major revenue sources for online game operators. Therefore, the design of game currency systems is important. This research shows that the game currency exchange ...rate (e.g., $1 = 1,000 game currency is a higher rate than $1 = 10 game currency) affects price perception of virtual items. When the rate is not prominent in players’ minds (e.g., the rate is not mentioned or players have sufficient game currency in their account), players consider a virtual item as more expensive if the rate is higher. In contrast, when the rate is prominent in players’ minds (e.g., the rate is mentioned and no additional information indicates that players already have sufficient game currency, and thus it is irrelevant), players consider a virtual item as cheaper if the rate is higher. In the latter case, higher rate leads to stronger purchase intention of nonsocial, but not social, virtual items. Our findings show currency system design can affect players’ willingness to spend on virtual items thus affecting the revenue of game operators. Moreover, reminders of the actual monetary value of virtual items might help to reduce players’ overspending driven by the biasing effect of the game currency exchange rate.
Selling virtual items (e.g., clothing, weapons, or virtual furniture) serves as one of the major revenue sources for online game operators. Therefore, exploring what specific factors and design attributes may affect the sales of virtual items has become an important issue. This research draws upon prior studies on currency numerosity, contextualizing them to online game contexts to develop several theory-based predictions about how online game currency numerosity affects players’ perceived expensiveness and consequently their purchase intention of virtual items. To test these predictions, we conducted six experiments that investigate numerosity effects in massive multiplayer online games (MMOs) where players can exchange real money for game currency based on an exchange rate in order to purchase virtual items. Results indicate the following: (1) when the game currency exchange rate is not salient (e.g., game currency exchange rate is not mentioned or players have sufficient game currency in their account), players consider a virtual item as more expensive if the price is high (versus low) in numerosity; but (2) when the game currency exchange rate is salient (e.g., game currency exchange rate is mentioned and no additional information indicates that it is irrelevant), players consider a virtual item as cheaper if the price is high (versus low) in numerosity; in addition, (3) in the latter case, numerosity increases players’ purchase intention of nonsocial, but not social, virtual items through the mediating effect of perceived expensiveness. Our notable findings contribute to the existing literature on numerosity and provide guidance for the design of virtual currency systems in MMOs.
Cryptocurrency such as bitcoin, Ethereum, and, more recently, Monero has become the currency of choice for many drug dealers and extortionists. The criminal activities extend to tax evasion, money ...laundering, Ponzi schemes, and the theft of cryptocurrencies to kidnapping for ransom. As the demand for cryptocurrencies increases, it provides opportunities for criminals to hide behind the presumed privacy and anonymity. Identifying these cryptocurrency-related crimes have posed challenges for law enforcement due to the cross-border nature of transactions, the use of evasion technology to mask the identity of users, and inconsistent regulations. To address the role of cryptocurrencies in criminal activities, the study focused on four research questions: (1) What role do cryptocurrencies such as bitcoin (BTC) play in criminal activities? (2) What factors facilitate cryptocurrency-related criminal activities? (3) What role do politics play in regulating cryptocurrencies? and (4) What are the challenges they pose for regulators and law enforcement? To answer the questions, the study utilized a systematic content review of the news reports, court cases, scholarly articles, online search engines, and commentaries relevant to regulations and reforms. The findings help to understand the current climate of virtual currencies, their use in criminal activities, and the complexities involved in regulating cryptocurrencies.
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Purpose
The emergence of cryptocurrencies has tremendously changed the way of financial transactions around the world which has led to form distinct discussions in the field regarding its ...reliability. This paper aims to evaluate the published literatures on cryptocurrency identifying its growth, citation, prolific authors, journals, countries, active funding agencies, collaboration pattern and emerging research hotspots in the area.
Design/methodology/approach
Scientometrics and Altmetrics parameters have been incorporated in the study. Literatures covered from the Scopus database searching within “Article Title, Abstract, Keywords” with keywords “cryptocurrency” OR “digital currency” OR “bitcoin” OR “Ethereum” by limiting the time range of 2013–2022, English language and journal articles only. Total 6,107 documents have been identified. The further analysis and visualisation is performed using MSExcel, VOSviewer, Biblioshiny and Tableau. Another tool, Dimension.ai is used to identify the Altmetric Attention Score.
Findings
The findings reveal that the growth of research and citation rate hiked from the year 2017 till now. Elie Bouri is the top contributor, IEEE Access is the most prolific journal, China being the prolific country. Topics like Blockchain, Bitcoin, Ethereum, smart contracts, financial markets are emerging researched hotspots. The reliability of crypto market is still not clear because of its high volatility. The findings of the study will be more useful in the academia, subject specialists, research institutions, funding agencies, publishing agencies in decision-making.
Originality/value
To the best of the authors’ knowledge, there is no such study found considering both Scientometrics and Altmetrics approaches on cryptocurrency research with the selected time bound.
Criminologically significant consequence of the development of information and telecommunications and digital technologies, the emergence of non-standard means of payment using elements of ...cryptography virtual currencies, has been an increase in the risks of illegal transactions, and, above all, the legalization of proceeds from criminal activity and terrorist financing. The anonymity with which high-tech criminals operate forces governments to change approaches to regulating the turnover of virtual assets, to look for new management, legal and economic tools that will be effective in identifying, preventing and minimizing damage from illegal financial transactions. These circumstances cause an urgent need for scientific justification and subsequent assessment of the organizational experience of different countries in the field of control of the turnover of virtual assets. The advantages of virtual assets that are used for conducting illegal activities require compensation by expanding the controlling function of state administration by imposing sanctions and implementing a compliance system that ensures their implementation for individuals and legal entities involved in the production and turnover of virtual assets. Purpose: based on the analysis of the US experience in applying sanctions and implementing the compliance system that ensures their fulfillment, to determine the vulnerabilities and possibilities of this approach of establishing state control in the sphere of virtual assets and to assess the prospects for its use in Russian jurisdiction. Methods: the classification method is used to distinguish the main types of virtual assets; the axiomatic method is used to form the terminology of the study; the legal analysis is used to establish the legal nature of sanctions; the method of comparative study of regulatory legal acts and related documents is used to assess the US and Russian experience in implementing the compliance system; the logical and expert-analytical methods are used to identify the advantages and vulnerabilities of sanctions. Results: the authors conclude that the controlling function of the state in relation to the turnover of all types of virtual assets can be expanded by introducing a sanctions regime against participants in the exchange and conversion of virtual assets acquired by criminal means; it is possible to ensure the effectiveness of sanctions by introducing a compliance system into the activities of participants in the turnover of virtual assets, aimed primarily at overcoming anonymity in digital environment; the vulnerabilities of the system of sanctions and related compliance control are the constant complication of the network of imposed sanctions and the lack of a unified position of different bodies and institutions regarding the list and status of virtual assets in different jurisdictions, which in a crisis of international law leads to the superiority of national control instruments.
因為資訊與通信科技（Information and Communication Technology）突破 式的發展，促成了數位經濟的實現，數位經濟除在商業模式展現其多元化之面貌外，更在支付方法上提供多樣化的選擇，除傳統的線上轉帳、提款機轉帳、信用卡付款外，新型態例如超商條碼、超商代碼、超連結提供QR 碼、虛擬貨幣交易等，一個洗錢計畫通常會附帶逃漏稅捐的結果。 ...本文首先分析洗錢行為與逃漏稅行為的共通性要素與常見的洗錢判斷指 標，接續從實務角度觀察常見之稅務犯罪態樣，並說明數位經濟下稅務洗錢犯罪之特色，最後嘗試提出可能之解決方案。 The breakthrough development of information and communication technology has contributed to the realization of the digital economy. Besides online transfers, ATM transfers, and credit card payments, new forms such as supermarket barcodes, supermarket codes, QR codes provided by hyperlinks, virtual currency transactions, etc., a money laundering plan usually comes with the result of tax evasion. This article first, analyzes the common elements of money laundering behavior and tax evasion behavior and common money laundering judgment indicators, continues to observe common tax crimes from a practical perspective, and explains the characteristics of tax money laundering crimes in the digital economy, and finally tries to propose possible solutions.
Decentralized finance (DeFi) is a form of finance without central financial intermediaries. This handbook explores the interplay of behavioral finance and public policy in the emerging field of ...decentralized finance. The work explaines the underlying mechanisms in a nutshell from a social science, economics and legal perspective investigates DeFi's potential impact on financial systems and the risks involved, including smart contract vulnerabilities and trust mechanisms. provides insights into financial decision-making processes in DeFi offers suggestions to enhance regulatory frameworks.
This book offers an in-depth analysis of the most salient features of contemporary financial systems and clarifies the major strategic issues facing the development of digital finance. It provides ...insight into how the digital finance system actually works in a socioeconomic context. It presents three key messages: that digital transformation will change the financial system entirely, that the State has a particularly important role to play in the whole process and that consumers will be offered more opportunities and freedom but simultaneously will be exposed to more risk and challenges.The book is divided into four parts. It begins by laying down the fundamentals of the subsequent analysis and offers a deep understanding of digital finance, including a topology of the key technologies applied in the transformation process. The next part reviews the challenges facing the digital State in the new reality, the digitalization of public finance and the development of digitally relevant taxation systems. In the third part, digital consumer aspects are discussed. The final part examines the risks and challenges of digital finance. The authors focus their attention on three key developments in financial markets: accelerated growth in terms of the importance of algorithms, replacing existing legal regulations; the expansion of cyber risk and its growing impact and finally the emergence of new dimensions of systemic risk as a side effect of financial digitalization. The authors supplement the analysis with a discussion of how these new risks and challenges are monitored and mitigated by financial supervision.The book is a useful, accessible guide to students and researchers of finance, finance and technology, regulations and compliance in finance.
Background
Cryptocurrency fraud has become a growing global concern, with various governments reporting an increase in the frequency of and losses from cryptocurrency scams. Despite increasing ...fraudulent activity involving cryptocurrencies, research on the potential of cryptocurrencies for fraud has not been examined in a systematic study. This review examines the current state of knowledge about what kinds of cryptocurrency fraud currently exist, or are expected to exist in the future, and provides comprehensive definitions of the frauds identified.
Methods
The study involved a scoping review of academic research and grey literature on cryptocurrency fraud and a 1.5-day expert consensus exercise. The review followed the PRISMA-ScR protocol, with eligibility criteria based on language, publication type, relevance to cryptocurrency fraud, and evidence provided. Researchers screened 391 academic records, 106 of which went on to the eligibility phase, and 63 of which were ultimately analysed. We screened 394 grey literature sources, 128 of which passed on to the eligibility phase, and 53 of which were included in our review. The expert consensus exercise was attended by high-profile participants from the private sector, government, and academia. It involved problem planning and analysis activities and discussion about the future of cryptocurrency crime.
Results
The academic literature identified 29 different types of cryptocurrency fraud; the grey literature discussed 32 types, 14 of which were not identified in the academic literature (i.e., 47 unique types in total). Ponzi schemes and (synonymous) high yield investment programmes were most discussed across all literature. Participants in the expert consensus exercise ranked pump-and-dump schemes and ransomware as the most profitable and feasible threats, though pump-and-dumps were, notably, perceived as the least harmful type of fraud.
Conclusions
The findings of this scoping review suggest cryptocurrency fraud research is rapidly developing in volume and breadth, though we remain at an early stage of thinking about future problems and scenarios involving cryptocurrencies. The findings of this work emphasise the need for better collaboration across sectors and consensus on definitions surrounding cryptocurrency fraud to address the problems identified.
Cryptocurrency has attracted more attention recently. With the rapid increase in popularity of cryptocurrencies´ transactions it is necessary to adopt a unified approach to this novel, 21st century ...phenomenon. Since 2009, when the first cryptocurrency Bitcoin was created, thousands of other cryptocurrencies have appeared. As the transactions with cryptocurrencies have increased, national and multinational jurisdictions started to deal with issues concerning taxation and accounting for the cryptocurrency. Multinational jurisdictions and professional institutions differ in their opinions about cryptocurrencies. There are opinions considering cryptocurrency a financial asset, a financial instrument, cash, cash equivalents, inventories or intangible asset. As there is no accounting standard within IFRS specifically addressing cryptocurrency, it is necessary to look at the existing IFRS and apply a principles-based approach. The aim of the paper is to compare the accounting of cryptocurrencies in Slovakia with the requirements and/or recommendations by other standards setters and authorities. Slovakia is selected as it is one of the first countries launching accounting regulation for cryptocurrency. The analysis and comparison are used as the main scientific methods in this study. The IFRS IC in June 2019 concluded that IAS 2 applies to cryptocurrencies when they are held for sale in the ordinary course of business. If IAS 2 is not applicable, holdings of cryptocurrencies should be accounted for under IAS 38. The Slovak Republic is applying different approach to holdings of cryptocurrency, the cryptocurrency is considered the short-term financial asset. Difference between Slovak and multinational solution is even in questions of cryptocurrency´s measurement.
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