Securing Cryptocurrency Exchange: Building up Standard from Huge Failures

Suga, Yuji; Shimaoka, Masaki; Sato, Masashi; Nakajima, Hirotaka

doi:10.1007/978-3-030-54455-3_19

Cited by 6 publications

(5 citation statements)

References 1 publication

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“…There is an increase in interest in cryptocurrencies as they grow in popularity and as more people are learning how they work. In a World Economic Forum report [78], it was projected that by 2027, about 10% of world GDP will be transacted through cryptocurrencies, with an average annual growth rate of 62.1%. Cryptocurrencies have increased from less than USD 0.1 in 2010 to over USD 25,000 in 2020 over the last decade [79,80].…”

Section: Discussionmentioning

confidence: 99%

“…Cryptocurrencies are currently the most efficient and transparent form of exchange, despite not being a model currency. Cryptocurrencies are subject to many challenges and risks, such as security and legal problems, volatility, and others [78]. In contrast to investing in traditional securities, the revolution is attracting more people because of the sense of fulfillment they get from obtaining large returns.…”

Section: Discussionmentioning

confidence: 99%

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Global Market Perceptions of Cryptocurrency and the Use of Cryptocurrency by Consumers: A Pilot Study

Murugappan,

Nair,

Krishnan

2023

JTAER

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Cryptocurrencies, like Bitcoin and Ethereum, have garnered global attention in recent years as digital alternatives to traditional fiat currencies. This paper explores the complex landscape of cryptocurrency adoption, consumer behavior, and perceptions. Beginning with the origin of cryptocurrencies and the dominance of Bitcoin with its USD 1.23 trillion market capitalization, the paper highlights popular online platforms facilitating Bitcoin trading. It also examines the varying legal statuses and regulations across different countries, with a notable divide between Eastern and Western nations, attributed to factors like wealth, risk tolerance, and government restrictions. The role of blockchain technology as the foundation of cryptocurrencies is explained, emphasizing its role in ensuring secure and transparent transactions. The paper delves into the processes involved in handling cryptocurrencies, including the blockchain, exchanges, wallets, and mining. Consumer behavior and the factors influencing cryptocurrency usage are analyzed, with a focus on speculation, algorithm trust, spending power, and demographics. Survey findings and case studies from diverse geographical areas reveal patterns of adoption and local consumer perceptions. The paper concludes by discussing the cryptocurrency market’s inherent volatility and sensitivity to regulatory changes, as well as the different types of cryptocurrencies and online exchanges shaping this evolving financial landscape. Overall, it offers insights into the complex dynamics surrounding cryptocurrency adoption and its potential impact on global finance.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Global Market Perceptions of Cryptocurrency and the Use of Cryptocurrency by Consumers: A Pilot Study

Murugappan,

Nair,

Krishnan

2023

JTAER

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“…They concluded that necessary precautions should be taken against hacking attacks to increase investors' confidence. When analyzing cryptocurrency exchanges, Suga et al (2020), Takahashi andLakhani (2019), andJohnson et al (2018) discussed security issues for cryptocurrency exchanges.…”

Section: Factors Influencing the Performance Of Cryptocurrency Exchangesmentioning

confidence: 99%

A fuzzy BWM and MARCOS integrated framework with Heronian function for evaluating cryptocurrency exchanges: a case study of Türkiye

Ecer,

Murat,

Dinçer

et al. 2024

Financ Innov

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Crypto assets have become increasingly popular in recent years due to their many advantages, such as low transaction costs and investment opportunities. The performance of crypto exchanges is an essential factor in developing crypto assets. Therefore, it is necessary to take adequate measures regarding the reliability, speed, user-friendliness, regulation, and supervision of crypto exchanges. However, each measure to be taken creates extra costs for businesses. Studies are needed to determine the factors that most affect the performance of crypto exchanges. This study develops an integrated framework, i.e., fuzzy best–worst method with the Heronian function—the fuzzy measurement of alternatives and ranking according to compromise solution with the Heronian function (FBWM’H–FMARCOS’H), to evaluate cryptocurrency exchanges. In this framework, the fuzzy best–worst method (FBWM) is used to decide the criteria’s importance, fuzzy measurement of alternatives and ranking according to compromise solution (FMARCOS) is used to prioritize the alternatives, and the Heronian function is used to aggregate the results. Integrating a modified FBWM and FMARCOS with Heronian functions is particularly appealing for group decision-making under vagueness. Through case studies, some well-known cryptocurrency exchanges operating in Türkiye are assessed based on seven critical factors in the cryptocurrency exchange evaluation process. The main contribution of this study is generating new priority strategies to increase the performance of crypto exchanges with a novel decision-making methodology. “Perception of security,” “reputation,” and “commission rate” are found as the foremost factors in choosing an appropriate cryptocurrency exchange for investment. Further, the best score is achieved by Coinbase, followed by Binance. The solidity and flexibility of the methodology are also supported by sensitivity and comparative analyses. The findings may pave the way for investors to take appropriate actions without incurring high costs.

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“…Typical custodial wallets are accounts at a CEX, which manage a lot of funds, making them an attractive target for attacks (Merkle Science, 2019;Song, 2017). CEX wallet security is an important step towards minimizing risks for a significant amount of funds in DeFi, which needs yet to be sufficiently addressed (Huili et al, 2021;Suga et al, 2020). However, custodial wallets provide access to funds in case of a forgotten password.…”

Section: Technical Risks and Security Concernsmentioning

confidence: 99%

Decentralized Finance (DeFi): Foundations, Applications, Potentials, and Challenges

Gramlich,

Principato,

Schellinger

et al. 2023

SSRN Journal

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Securing Cryptocurrency Exchange: Building up Standard from Huge Failures

Cited by 6 publications

References 1 publication

Global Market Perceptions of Cryptocurrency and the Use of Cryptocurrency by Consumers: A Pilot Study

Global Market Perceptions of Cryptocurrency and the Use of Cryptocurrency by Consumers: A Pilot Study

A fuzzy BWM and MARCOS integrated framework with Heronian function for evaluating cryptocurrency exchanges: a case study of Türkiye

Decentralized Finance (DeFi): Foundations, Applications, Potentials, and Challenges

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