The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.
Sex, Drugs, and Bitcoin: How Much Illegal Activity Is Financed through Cryptocurrencies?
Open accessAbstract
Cryptocurrencies are among the largest unregulated markets in the world. We find that approximately one-quarter of bitcoin users are involved in illegal activity. We estimate that around $76 billion of illegal activity per year involve bitcoin (46% of bitcoin transactions), which is close to the scale of the U.S. and European markets for illegal drugs. The illegal share of bitcoin activity declines with mainstream interest in bitcoin and with the emergence of more opaque cryptocurrencies. The techniques developed in this paper have applications in cryptocurrency surveillance. Our findings suggest that cryptocurrencies are transforming the black markets by enabling “black e-commerce.” Received June 1, 2017; editorial decision December 8, 2018 by Editor Andrew Karolyi. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Cites
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Cited by
FinTech and banking: What do we know?
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Does bank FinTech reduce credit risk? Evidence from China
Cheng, M., & Qu, Y. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101398 · Cited by 498
Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis
Goodell, J. W., & Goutte, S. (2021) · Finance Research Letters · doi:10.1016/j.frl.2020.101625 · Cited by 474
Should investors include Bitcoin in their portfolios? A portfolio theory approach
Platanakis, E., & Urquhart, A. (2020) · The British Accounting Review · doi:10.1016/j.bar.2019.100837 · Cited by 265
Digital governance: A conceptual framework and research agenda
Hanisch, M., Goldsby, C. M., Fabian, N. E., & Oehmichen, J. (2023) · Journal of Business Research · doi:10.1016/j.jbusres.2023.113777 · Cited by 267
Metadata
- Authors
- Foley, S., Karlsen, J. R., & Putniņš, T. J.
- Venue
- The Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2019-04-04
- Volume
- 32
- Issue
- 5
- Pages
- 1798-1853
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3123868249
- Cited by
- 1,051
- References
- 41
- FWCI
- 145.90
- Type
- journal article
- Language
- en
- Open access
- green
- Licence
- academic.oup.com/journals/pages/open_access/funder_policies/chorus/standard_publication_model (vor)
- Funders
- Capital Markets Co-operative Research Centre
- Australian Research Council (DE150101889)
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