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  4. Initial Coin Offerings, Information Disclosure, and Fraud
 
Zitierlink DOI
10.26092/elib/317

Initial Coin Offerings, Information Disclosure, and Fraud

Veröffentlichungsdatum
2020-10
Autoren
Hornuf, Lars  
Kück, Theresa  
Schwienbacher, Armin  
Zusammenfassung
We study the extent of fraud in initial coin offerings (ICOs), and whether information disclosure prior to the issuance predicts fraud. We document different types of fraud, and that fraudulent ICOs are on average much larger than the sample average. Issuers that disclose their code on GitHub are more likely to be targeted by phishing and hacker activities, which suggests that there are risks related to disclosing the code. Generally, we find it extremely difficult to predict fraud with the information available at the time of issuance. This calls for the need to install a third-party that certifies the quality of the issuers, such as specialized platforms, or the engagement of institutional investors and venture capital funds that can perform a due diligence and thus verify the quality of the project.
Schlagwörter
Initial Coin Offering

; 

fraud

; 

crypto-currencies

; 

crowdsales
Institution
Universität Bremen  
Fachbereich
Fachbereich 07: Wirtschaftswissenschaft (FB 07)  
Dokumenttyp
Bericht, Report
Serie(s)
Diginomics Working Paper  
Band
0001
Seitenzahl
41
Zweitveröffentlichung
Nein
Lizenz
http://creativecommons.org/licenses/by/3.0/de/
Sprache
Englisch
Dateien
Lade...
Vorschaubild
Name

Diginomics Working Paper - October 2020, No0001.pdf

Size

431.34 KB

Format

Adobe PDF

Checksum

(MD5):d37b92e5cd89d8272b18d2cd22ded42f

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