Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Risk

  title={Beware the Middleman: Empirical Analysis of Bitcoin-Exchange Risk},
  author={Tyler Moore and Nicolas Christin},
  booktitle={Financial Cryptography},
Bitcoin has enjoyed wider adoption than any previous crypto-currency; yet its success has also attracted the attention of fraudsters who have taken advantage of operational insecurity and transaction irreversibility. We study the risk investors face from Bitcoin exchanges, which convert between Bitcoins and hard currency. We examine the track record of 40 Bitcoin exchanges established over the past three years, and find that 18 have since closed, with customer account balances often wiped out… CONTINUE READING
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