英文标题：
《Market Manipulation of Bitcoin: Evidence from Mining the Mt. Gox
Transaction Network》
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作者：
Weili Chen, Jun Wu, Zibin Zheng, Chuan Chen, and Yuren Zhou
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最新提交年份：
2019
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英文摘要：
The cryptocurrency market is a very huge market without effective supervision. It is of great importance for investors and regulators to recognize whether there are market manipulation and its manipulation patterns. This paper proposes an approach to mine the transaction networks of exchanges for answering this question.By taking the leaked transaction history of Mt. Gox Bitcoin exchange as a sample,we first divide the accounts into three categories according to its characteristic and then construct the transaction history into three graphs. Many observations and findings are obtained via analyzing the constructed graphs. To evaluate the influence of the accounts\' transaction behavior on the Bitcoin exchange price,the graphs are reconstructed into series and reshaped as matrices. By using singular value decomposition (SVD) on the matrices, we identify many base networks which have a great correlation with the price fluctuation. When further analyzing the most important accounts in the base networks, plenty of market manipulation patterns are found. According to these findings, we conclude that there was serious market manipulation in Mt. Gox exchange and the cryptocurrency market must strengthen the supervision.
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中文摘要：
加密货币市场是一个非常巨大的市场，没有有效的监管。投资者和监管机构必须认识到是否存在市场操纵及其操纵模式。为了回答这个问题，本文提出了一种挖掘交易所交易网络的方法。以Mt.Gox比特币交易所泄露的交易历史为样本，我们首先根据其特点将账户分为三类，然后将交易历史构建为三张图。通过对构建的图进行分析，获得了许多观察结果和发现。为了评估账户交易行为对比特币交易价格的影响，将这些图重建为序列并重塑为矩阵。通过对矩阵进行奇异值分解（SVD），我们识别出了许多与价格波动有很大相关性的基网络。在进一步分析基础网络中最重要的账户时，发现了大量的市场操纵模式。根据这些发现，我们得出结论，Mt.Gox交易所存在严重的市场操纵行为，加密货币市场必须加强监管。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Computer Science 计算机科学
二级分类：Computational Engineering, Finance, and Science 计算工程、金融和科学
分类描述：Covers applications of computer science to the mathematical modeling of complex systems in the fields of science, engineering, and finance. Papers here are interdisciplinary and applications-oriented, focusing on techniques and tools that enable challenging computational simulations to be performed, for which the use of supercomputers or distributed computing platforms is often required. Includes material in ACM Subject Classes J.2, J.3, and J.4 (economics).
涵盖了计算机科学在科学、工程和金融领域复杂系统的数学建模中的应用。这里的论文是跨学科和面向应用的，集中在技术和工具，使挑战性的计算模拟能够执行，其中往往需要使用超级计算机或分布式计算平台。包括ACM学科课程J.2、J.3和J.4（经济学）中的材料。
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一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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