The implications of crypto hacker attacks on financing new ventures
研究了三次重大加密货币黑客攻击后，ICO代币的市场效率和流动性在五天内显著下降，且同区块链上的代币受影响最大，为投资者和监管者评估ICO风险提供了信号理论视角的见解。
The growth of ICOs not only reflects the democratization of entrepreneurial finance, but also faces challenges from the increasing frequency of global cryptocurrency heists. Using a signaling theory framework, this study employs permutation entropy and liquidity measures to investigate changes in market efficiency and the liquidity of ICO tokens after three major cryptocurrency heists. Our findings, which reveal a significant decline in efficiency and liquidity within five days of trading, are crucial for understanding the impact of cryptocurrency heists on initial coin offerings (ICOs). Granger causality tests further reveal that ICO tokens on the same blockchain as the attacked token are most significantly affected, highlighting the interconnected risk within blockchain ecosystems—a complex issue that demands attention. We recommend that start-ups signal their commitment to security by implementing security audits, multisignature wallets, and transaction lock-up periods. This study contributes to the application of signaling theory in the cryptocurrency market, offering valuable insights for investors and regulators assessing ICO risks.