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Plus Token and investor searching behaviour – A cryptocurrency Ponzi scheme

Author

Listed:
  • Shuyu Zhang
  • Dunli Zhang
  • Jianming Zheng
  • Walter Aerts
  • Dandan Xu

Abstract

In July 2020, the Chinese government warned that the Plus Token was a Ponzi scheme based on blockchain. More than 200 million investors were involved in this scam. We investigate how investors' search behaviour is associated with their decision making. We find that the bitcoin bag of words Baidu index is positively and significantly related to bitcoins transferred to Plus Token addresses, suggesting that public prominence of searches about bitcoin and blockchain tends to be related to investor decisions regarding the Plus Token project.

Suggested Citation

  • Shuyu Zhang & Dunli Zhang & Jianming Zheng & Walter Aerts & Dandan Xu, 2023. "Plus Token and investor searching behaviour – A cryptocurrency Ponzi scheme," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 4713-4728, December.
    • Handle: RePEc:bla:acctfi:v:63:y:2023:i:4:p:4713-4728
    DOI: 10.1111/acfi.13128
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    References listed on IDEAS

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    Cited by:

    1. Zhao, Yingxiu & Goodell, John W. & Shen, Dehua, 2024. "Spillover effects according to classification of cryptocurrency," Finance Research Letters, Elsevier, vol. 65(C).

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