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Cryptocurrencies have emerged as a new form of digital money that has not escaped the eyes of cyber-attackers. Traditionally, they have been maliciously used as a medium of exchange for proceeds of crime in the cyber dark-market by…

Cryptography and Security · Computer Science 2021-02-23 Aaron Zimba , Mumbi Chishimba , Christabel Ngongola-Reinke , Tozgani Fainess Mbale

This paper studies the dynamic market linkages among cryptocurrencies during August 2015 - July 2020 and finds a substantial increase in market linkages for both returns and volatilities. We use different methodologies to check the…

Statistical Finance · Quantitative Finance 2020-10-01 Nektarios Aslanidis , Aurelio F. Bariviera , Alejandro Perez-Laborda

Extreme events such as earthquakes, floods, and power blackouts often display burst phenomena where multiple extreme events occur in quick succession or in bunches. This study examines bunching of extreme events on a complex network using a…

Physics and Society · Physics 2025-09-24 Sarvesh K. Upadhyay , Vimal Kishore , Sanjay Kumar , R. E. Amritkar

The cryptocurrency market is amongst the fastest-growing of all the financial markets in the world. Unlike traditional markets, such as equities, foreign exchange and commodities, cryptocurrency market is considered to have larger…

General Finance · Quantitative Finance 2020-04-06 Fan Fang , Waichung Chung , Carmine Ventre , Michail Basios , Leslie Kanthan , Lingbo Li , Fan Wu

In complex systems, events occur at irregular intervals that inherently encode the underlying dynamics of the system. Analyzing the temporal clustering of these events reveals critical insights into the non-random patterns and the temporal…

Data Analysis, Statistics and Probability · Physics 2026-03-20 Ambedkar Sanket Sukdeo , K. Shri Vignesh , Sachin S. Gunthe , T Narayan Rao , Amit Kumar Patra , R. I. Sujith

In an effort to improve user satisfaction and transit image, transit service providers worldwide offer delay compensations. Smart card data enables the estimation of passenger delays throughout the network and aid in monitoring service…

Physics and Society · Physics 2021-07-30 Panchamy Krishnakumari , Oded Cats , Hans van Lint

This study attempts to analyze patterns in cryptocurrency markets using a special type of deep neural networks, namely a convolutional autoencoder. The method extracts the dominant features of market behavior and classifies the 40 studied…

Machine Learning · Computer Science 2019-10-29 Vladimir Puzyrev

We study the time dependence of maximal spanning trees and asset graphs based on correlation matrices of stock returns. In these networks the nodes represent companies and links are related to the correlation coefficients between them.…

Physics and Society · Physics 2009-11-13 Tapio Heimo , Kimmo Kaski , Jari Saramaki

This paper will propose a novel machine learning based portfolio management method in the context of the cryptocurrency market. Previous researchers mainly focus on the prediction of the movement for specific cryptocurrency such as the…

Machine Learning · Computer Science 2025-12-10 Zijiang Yang

Financial crises are known as crashes that result in a sudden loss of value of financial assets in large part and they continue to occur from time to time surprisingly. In order to discover features of the financial network, the pairwise…

Statistical Finance · Quantitative Finance 2023-01-11 MohammadReza Zahedian , Mahsa Bagherikalhor , Andrey Trufanov , G. Reza Jafari

Hacks are one of the most damaging types of cryptocurrency related crime, accounting for billions of dollars in stolen funds since 2009. Professional investigators at Chainalysis have traced these stolen funds from the initial breach on an…

Physics and Society · Physics 2019-10-30 Daniel Goldsmith , Kim Grauer , Yonah Shmalo

Empirical estimation of critical points at which complex systems abruptly flip from one state to another is among the remaining challenges in network science. However, due to the stochastic nature of critical transitions it is widely…

Social and Information Networks · Computer Science 2014-07-09 B. Podobnik , T. Lipic , D. Horvatic , A. Majdandzic , S. Bishop , H. E. Stanley

We live in a modern world supported by large, complex networks. Examples range from financial markets to communication and transportation systems. In many realistic situations the flow of physical quantities in the network, as characterized…

Disordered Systems and Neural Networks · Physics 2009-11-10 Adilson E. Motter , Ying-Cheng Lai

Technological advancements in cryptocurrency markets have increased accessibility for investors, but concurrently exposed them to the risks of market manipulations. Existing fraud detection mechanisms typically rely on machine learning…

Machine Learning · Computer Science 2026-04-28 Lidia Losavio , Luca Persia , Madan Sathe , Dimosthenis Pasadakis

Payment channel networks (PCNs) such as the Lightning Network offer an appealing solution to the scalability problem faced by many cryptocurrencies operating on a blockchain such as Bitcoin. However, PCNs also inherit the stringent…

Cryptography and Security · Computer Science 2022-01-20 Philipp Zabka , Klaus-Tycho Foerster , Stefan Schmid , Christian Decker

We examine how skewness interacts with kurtosis within the cryptocurrency market. We show that during the COVID-19 pandemic there are more clusters of observations around the two flanks, highlighting the presence of a volatile behavior.…

General Finance · Quantitative Finance 2025-05-29 Ariston Karagiorgis , Antonis Ballis , Konstantinos Drakos , Christos Kallandranis

Blockchain transaction networks are complex, with evolving temporal patterns and inter-node relationships. To detect illicit activities, we propose a hybrid GCN-GRU model that captures both structural and sequential features. Using real…

Machine Learning · Computer Science 2025-09-10 Gyuyeon Na , Minjung Park , Hyeonjeong Cha , Soyoun Kim , Sunyoung Moon , Sua Lee , Jaeyoung Choi , Hyemin Lee , Sangmi Chai

The functioning of the cryptocurrency Bitcoin relies on the open availability of the entire history of its transactions. This makes it a particularly interesting socio-economic system to analyse from the point of view of network science.…

The purpose of this paper is to advance the understanding of the conditions that give rise to flash crash contagion, particularly with respect to overlapping asset portfolio crowding. To this end, we designed, implemented, and assessed a…

Trading and Market Microstructure · Quantitative Finance 2019-02-01 James Paulin , Anisoara Calinescu , Michael Wooldridge

We model the dynamics of the cryptocurrency (CC) asset class via a stochastic volatility with correlated jumps (SVCJ) model with rolling-window parameter estimates. By analyzing the time-series of parameters, stylized patterns are…

Statistical Finance · Quantitative Finance 2022-01-07 Konstantin Häusler , Wolfgang Karl Härdle