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2021 ◽  
pp. 160-173
Author(s):  
Andrii Makurin ◽  

The information technology development results in the origin of new types of cryptocurrency. Main advantages of the cryptocurrency use are decentralization and freedom of transactions. Cryptocurrency acts worldwide as the inexpensive technological means of payment as well as special form of investment. Nowadays, there is no shared idea as for the interpretation of the “cryptocurrency” concept. On the one hand, it is considered as the “virtual currency” and called both a special payment network and a new type of monetary means. On the other hand, it is called a “digital asset”, which can be exchanged for other assets. Cryptocurrency is characterized by a free market rate formed on the demand-supply basis.


Author(s):  
Pengcheng Xia ◽  
Haoyu Wang ◽  
Bingyu Gao ◽  
Weihang Su ◽  
Zhou Yu ◽  
...  

The prosperity of the cryptocurrency ecosystem drives the need for digital asset trading platforms. Beyond centralized exchanges (CEXs), decentralized exchanges (DEXs) are introduced to allow users to trade cryptocurrency without transferring the custody of their digital assets to the middlemen, thus eliminating the security and privacy issues of traditional CEX. Uniswap, as the most prominent cryptocurrency DEX, is continuing to attract scammers, with fraudulent cryptocurrencies flooding in the ecosystem. In this paper, we take the first step to detect and characterize scam tokens on Uniswap. We first collect all the transactions related to Uniswap V2 exchange and investigate the landscape of cryptocurrency trading on Uniswap from different perspectives. Then, we propose an accurate approach for flagging scam tokens on Uniswap based on a guilt-by-association heuristic and a machine-learning powered technique. We have identified over 10K scam tokens listed on Uniswap, which suggests that roughly 50% of the tokens listed on Uniswap are scam tokens. All the scam tokens and liquidity pools are created specialized for the "rug pull" scams, and some scam tokens have embedded tricks and backdoors in the smart contracts. We further observe that thousands of collusion addresses help carry out the scams in league with the scam token/pool creators. The scammers have gained a profit of at least $16 million from 39,762 potential victims. Our observations in this paper suggest the urgency to identify and stop scams in the decentralized finance ecosystem, and our approach can act as a whistleblower that identifies scam tokens at their early stages.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Dupuis ◽  
Deborah Smith ◽  
Kimberly Gleason

Purpose The purpose of this study is to describe the evolution of fraud schemes with historically conducted with fiat money in physical space to the crypto-assets in digital space as follows: ransomware, price manipulation, pump and dump schemes, misrepresentation, spoofing and Ponzi Schemes. To explain how fraud schemes have evolved alongside digital asset markets, this study applies the space transition theory. Design/methodology/approach The methodology used is a review of the media regarding six digital asset fraud schemes that have evolved from physical space to virtual space that are currently operational, as well as a review of the literature regarding the space transition theory. Findings This paper finds that the digital space and digital assets may facilitate pseudonymous criminal behavior in the present regulatory environment. Research limitations/implications The field is rapidly evolving, however this study finds that the conversion from physical to virtual space obfuscates the criminal activity, facilitating anonymity of the perpetrators, and creating new challenges for the legal and regulatory environment. Practical implications This paper finds that the digital space and digital assets may facilitate pseudonymous criminal behavior in the present regulatory environment. An understanding of the six crypto-asset fraud schemes described in the paper is useful for anti-financial crime professionals and regulators focusing on deterrence. Social implications The space transition theory offers an explanation for why digital space leads criminals to be better positioned to conduct financial crime in virtual space relative to physical space. This offers insights into behavior of digital asset fraudster behavior that could help limit the social damage caused by crypto-asset fraud. Originality/value To the authors’ knowledge, this paper is the first to detail the evolution of fraud schemes with fiat money in physical space to their corresponding schemes with digital assets in physical space. This study is also the first to integrate the space transition theory into an analysis of digital asset fraud schemes.


2021 ◽  
Vol 1 (2) ◽  
pp. 024-031
Author(s):  
Sina Osivand

Non-Fungible Tokens (NFTs) have garnered remarkable investor attention recently, with some NFTs securing selling prices that may have seemed unthinkable for a non-fungible virtual asset. This raises fascinating questions about “value” and “scarcity” with respect to blockchain technology, through a prism of non-fungibility of a digital asset, and this paper aims to draw attention to these questions insofar as they may shape an alternative space of blockchain development and exchange going forward. We find that NFT submarkets are cointegrated and feature various causal short-run connections between them. The success or adoption of younger NFT projects is influenced by that of more established markets. At the same time, the success of newer markets has an impact on the more established projects. The results contribute to the overall understanding of the NFT phenomenon and suggest that NFT markets are immature or even inefficient. This article will tackle these questions from a UK perspective, specifically looking at cases from England and Wales and Scotland, while also covering a few relevant CJEU decisions. This is a relatively recent technology, which will require a lengthier technical explanation to analyse the legal issues that are raised. In some instances, the public perception will be dealt with as well, as it has become evident that there is considerable misunderstanding not only about what an NFT really is, but about the ownership and copyright issues that surround the technology. While NFTs are not entirely related to copyright, and in some way they’re trying to bypass legal transactions in favour of technical solutions, this paper will concentrate on the copyright questions, but it will also tackle some of the emerging issues about the technology. A quick note about balance. This work will take a generally neutral approach to the study of NFTs, but this is a subject that is not devoid of controversy. There have been concerns raised about the viability of this model from various perspectives, but it is not the remit of the work to tackle these, and the approach will be to view non-fungible tokens at face value. The concerns range from the environmental cost of running blockchain technology,9 to the use of tokens for money laundering,10 to the existence of often crippling transaction fees that could make it difficult for artists to profit from their work.11 It is important to highlight these here, although they will not be the subject of further analysis.


Author(s):  
Gregory J. Falco ◽  
Eric Rosenbach

Confronting Cyber Risk: An Embedded Endurance Strategy for Cybersecurity is a practical leadership handbook defining a new strategy for improving cybersecurity and mitigating cyber risk. Written by two leading experts with extensive professional experience in cybersecurity, the book provides CEOs and cyber newcomers alike with novel, concrete guidance on how to implement a cutting-edge strategy to mitigate an organization’s overall risk to malicious cyberattacks. Using short, real-world case studies, the book highlights the need to address attack prevention and the resilience of each digital asset while also accounting for an incident’s potential impact on overall operations. In a world of hackers, artificial intelligence, and persistent ransomware attacks, the Embedded Endurance strategy embraces the reality of interdependent digital assets and provides an approach that addresses cyber risk at both the micro level (people, networks, systems and data) and the macro level (the organization). Most books about cybersecurity focus entirely on technology; the Embedded Endurance strategy recognizes the need for sophisticated thinking about hardware and software while also extending beyond to address operational, reputational and litigation risk. This book both provides the reader with a solid grounding in important prevention-focused technologies—such as cloud-based security and intrusion detection—and emphasizes the important role of incident response. By implementing an Embedded Endurance strategy, you can guide your team to blunt major cyber incidents with preventative and resilience measures engaged systematically across your organization.


2021 ◽  
Vol 2 (3) ◽  
pp. 46-54
Author(s):  
A. A. Dolganin

Technical methods of intellectual property protection are reviewed and combined in the essay in the discourse of historical development — from man-made signatures of Renaissance artists to non-fungible tokens (NFT). The proliferation of NFTs is analyzed from the point of view of the commercial law: NFTs are discussed as objects that simultaneously have the characteristics of independence and a derivative nature in relation to intellectual property being the underlying digital asset. The self-sufficiency of NFTs as legal objects is provided by their commodity properties, which arise not only from the value of the underlying asset, but from the phenomenon of crystallization of the unique fixed version of the asset in a non-interchangeable and irreproducible token. The derivative nature of NFTs, figuratively correlated with the derivative contracts in financial markets, is manifested in the symbolization of intellectual property as an underlying asset and the loss (in full or in part) of its usual significance for a potential acquirer when placed in an NFT-image. Despite the variety and a specific evolution of legal approaches to the understanding of intellectual property, we can state a long-standing conceptual rejection by legal scholars from the simplest proprietary theories of transferring real rights constructions to intellectual property. However, some absolute property features of the NFTs, ensuring both internal and external legal aspects of the property, raise the question of a new legal life of “proprietarism” in the conditions of digitalization and information capitalism.


2021 ◽  
Author(s):  
Artur Mihailovich Aslanyan ◽  
Arkadii Yurievich Popov ◽  
Ivan Aleksandrovich Zhdanov ◽  
Eugeny Sergeevich Pakhomov ◽  
Nikolay Petrovich Ibryaev ◽  
...  

Abstract The paper presents the results of a study project of 60+ well block of the large (> 1,000 wells) mature (30 year old) oilfield in Western Siberia with objective to localise and characterize residual recoverable reserves and propose the optimal economic scenario for further depletion. Low permeability, heterogeneous reserve structure along the cross-section, numerous induced hydraulic fractures in producing wells and numerous spontaneous fractures in injecting wells with dynamic behavior, aggravated by numerous behind-the-casing crossflows in almost every well have resulted in a very complex conditions of remaining reserves. The conventional methods of production analysis and surveillance (well testing and production logging) do not provide a consistent picture of the current distribution and conditions of the remaining reserves and required a deeper and more complex analysis. Development Opportunities Management workflow was chosen for this particular holistic study, which includes a set of interconnected studies, field surveillance, geological and flow modelling and culminated in field development planning based on the digital asset twin. (Ganiev, B., 2021) Digital asset twin was constructed based on results of this workflow with a full-range economical model, flow simulation over the thoroughly calibrated fine-grid 3D dynamic model and production complication model (dynamic behavior of the fractures and behind-casing channeling). The 3D model has been calibrated on results of the cross-well pressure-pulse surveillance, reservoir-oriented production logging and was validated by the results of the drilling of the transition wells. The digital asset twin was used to find the optimal investment scenario based on multivariate calculations with the help of digital assistants. Due to simplicity of the user interface and client-server design, the digital twin was made available for various corporate engineers and managers without any modelling skills to play around with their own ideas on possible production/investment scenarios which gave another level of validation of the ultimate field development plan. All activities carried out within the digital twin automatically generate a complete package of investment metrics (NPV, PI, IRR, MIRR, Cash Flow and many correlation graphs) to assess the economic efficiency of each package and select the most appropriate solution for further ultimate choice. The approved scenario was based around drilling 6 producing side-tracks in specific locations/trajectories, performing workovers on specific offset injectors and re-scheduling of the production/injection rates in all block wells. The results of the field development's activities implementation will be the subject of a future publication.


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Katherine Kirkptrick ◽  
Aaron Stevens ◽  
Jacob Gerber ◽  
Margaret Nettesheim ◽  
Sebastian Bellm

Purpose To evaluate the global anti-money laundering regulation of digital assets and cryptocurrencies. Design/methodology/approach This article provides an analysis of macro trends in digital asset money laundering regulation and explores the regulatory frameworks in some of the leading international crypto markets. Findings As the popularity and public adoption of digital assets have grown, global regulators have turned their attention to the risks of anti-money laundering. Monitoring the evolving international regulatory landscape is essential for organizations looking to successfully take advantage of digital asset-related investment opportunities. Practical implications Market participants should understand all applicable laws and procedures before they decide to enter the digital asset market. These considerations can become even more complex as businesses interact with multiple international regulators. Originality/value This article is designed to help investors understand the global anti-money laundering regulatory landscape regarding digital assets, particularly for those institutions interested in diversifying with crypto-related investment opportunities.


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