The implications of virtual money on travel and tourism
研究五起重大加密货币盗窃案对旅行和旅游业的影响，发现加密货币和旅游代币市场存在显著溢出效应，但旅游公司股价受影响有限，同时存在羊群行为和市场质量下降。
We obtain daily data of Bitcoin, Ethereum, Travala token, Kemacoin and Guider to investigate the implications of history's most famous five heists on travel and tourism. We find a statistically significant spillover effect in the cryptocurrency and tourism token markets with a limited impact on travel and tourism companies' stock prices. We also find evidence of herding behaviour and observe that overall market quality deteriorated because of the heists. To deal with these negative implications, we propose implementing tools based on artificial intelligence algorithms, emphasising the two leading cryptocurrencies – Bitcoin and Ethereum. Tracking major crypto wallets and ‘whales’ can help regulators identify potential hacks and mitigate systemic risk caused by spillovers in cryptocurrency markets.