Contagion effects of permissionless, worthless cryptocurrency tokens: Evidence from the collapse of FTX
研究了FTX交易所发行的FTT代币在FTX崩盘期间对其他资产的价格信息领先关系，发现FTT代币对以太坊等加密货币及Robinhood股票等存在信息传导，引发对无价值代币影响市场稳定和投资者保护的担忧。
This paper investigates the price discovery relationships between FTT Token, issued by the cryptocurrency exchange FTX, and a set of assets and liabilities held by FTX amid a period of catastrophic financial decline by applying novel information flow measurement techniques. Results indicate that during key phases associated with the collapse of FTX, FTT Token had an informational lead over multiple assets, including cryptocurrencies such as Ethereum. Furthermore, we identify significant interactions between the FTT Token and both Robinhood shares and the token Serum, raising concerns about the direct influence of permissionless, technically valueless tokens on other assets and the potential challenges to market stability and investor protection. Our findings underscore the need for stronger policy-making, regulatory, and ethical considerations in cryptocurrency markets.