{"title":"A red flag checklist for cryptocurrency Ponzi schemes","authors":"Chris Heyman","doi":"10.1108/jfc-05-2023-0118","DOIUrl":null,"url":null,"abstract":"\nPurpose\nThis study aims to, firstly, develop a red flag checklist for cryptocurrency Ponzi schemes and, secondly, to test this red flag checklist against publicly available marketing material for Mirror Trading International (MTI). The red flag checklist test seeks to establish if MTI’s marketing material posted on YouTube® (in the form of a live video presentation) exhibits any of the red flags from the checklist.\n\n\nDesign/methodology/approach\nThe study uses a structured literature review and qualitative analysis of red flags for Ponzi and cryptocurrency Ponzi schemes.\n\n\nFindings\nA research lacuna was discovered with regard to cryptocurrency Ponzi scheme red flags. By means of a structured literature review, journal papers were identified that listed and discussed Ponzi scheme red flags. The red flags from the identified journal papers were subsequently used in a qualitative analysis. The analyses and syntheses resulted in the development of a red flag checklist for cryptocurrency Ponzi schemes, with five red flag categories, containing 18 associated red flags. The red flag checklist was then tested against MTI’s marketing material (a transcription of a live YouTube presentation). The test resulted in MTI’s marketing material exhibiting 88% of the red flags contained within the checklist.\n\n\nResearch limitations/implications\nThe inherent limitations in the design of using a structured literature review and the lack of research regarding the cryptocurrency Ponzi scheme red flags.\n\n\nPractical implications\nThe study provides a red flag checklist for cryptocurrency Ponzi schemes. The red flag checklist can be applied to a cryptocurrency investment scheme’s marketing material to establish if it exhibits any of these red flags.\n\n\nSocial implications\nThe red flag checklist can be applied to a cryptocurrency investment scheme’s marketing material to establish if it exhibits any of these red flags.\n\n\nOriginality/value\nThe study provides a red flag checklist for cryptocurrency Ponzi schemes.\n","PeriodicalId":38940,"journal":{"name":"Journal of Financial Crime","volume":" ","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Crime","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jfc-05-2023-0118","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"Social Sciences","Score":null,"Total":0}
引用次数: 0
Abstract
Purpose
This study aims to, firstly, develop a red flag checklist for cryptocurrency Ponzi schemes and, secondly, to test this red flag checklist against publicly available marketing material for Mirror Trading International (MTI). The red flag checklist test seeks to establish if MTI’s marketing material posted on YouTube® (in the form of a live video presentation) exhibits any of the red flags from the checklist.
Design/methodology/approach
The study uses a structured literature review and qualitative analysis of red flags for Ponzi and cryptocurrency Ponzi schemes.
Findings
A research lacuna was discovered with regard to cryptocurrency Ponzi scheme red flags. By means of a structured literature review, journal papers were identified that listed and discussed Ponzi scheme red flags. The red flags from the identified journal papers were subsequently used in a qualitative analysis. The analyses and syntheses resulted in the development of a red flag checklist for cryptocurrency Ponzi schemes, with five red flag categories, containing 18 associated red flags. The red flag checklist was then tested against MTI’s marketing material (a transcription of a live YouTube presentation). The test resulted in MTI’s marketing material exhibiting 88% of the red flags contained within the checklist.
Research limitations/implications
The inherent limitations in the design of using a structured literature review and the lack of research regarding the cryptocurrency Ponzi scheme red flags.
Practical implications
The study provides a red flag checklist for cryptocurrency Ponzi schemes. The red flag checklist can be applied to a cryptocurrency investment scheme’s marketing material to establish if it exhibits any of these red flags.
Social implications
The red flag checklist can be applied to a cryptocurrency investment scheme’s marketing material to establish if it exhibits any of these red flags.
Originality/value
The study provides a red flag checklist for cryptocurrency Ponzi schemes.
期刊介绍：
The Journal of Financial Crime, the leading journal in this field, publishes authoritative, practical and detailed insight in the most serious and topical issues relating to the control and prevention of financial crime and related abuse. The journal''s articles are authored by some of the leading international scholars and practitioners in the fields of law, criminology, economics, criminal justice and compliance. Consequently, articles are perceptive, evidence based and have policy impact. The journal covers a wide range of current topics including, but not limited to: • Tracing through the civil law of the proceeds of fraud • Cyber-crime: prevention and detection • Intelligence led investigations • Whistleblowing and the payment of rewards for information • Identity fraud • Insider dealing prosecutions • Specialised anti-corruption investigations • Underground banking systems • Asset tracing and forfeiture • Securities regulation and enforcement • Tax regimes and tax avoidance • Deferred prosecution agreements • Personal liability of compliance managers and professional advisers
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