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Future Blog Post

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Published: January 01, 2199

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Blog Post number 4

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Published: August 14, 2015

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

Blog Post number 3

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Published: August 14, 2014

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Blog Post number 2

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Published: August 14, 2013

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Blog Post number 1

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Published: August 14, 2012

This is a sample blog post. Lorem ipsum I can’t remember the rest of lorem ipsum and don’t have an internet connection right now. Testing testing testing this blog post. Blog posts are cool.

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Cybercrime on the ethereum blockchain

Published in Journal of Banking and Finance, 2025

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.

Recommended citation: Hornuf, L., Momtaz, P. P., Nam, R. J., & Yuan, Y. (2023). Cybercrime on the ethereum blockchain. https://doi.org/ 10.2139/ssrn.4527415
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Ye Yuan

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