DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019...
See page
Archive
Media Response Archive ...
See page
Transformation tables for administrative borders in Germany
Transformation tables for administrative borders in Germany The state has the ability...
See page
DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019...
See page
Demographic Change
Demographic Change Dossier ...
See page
Data
Transformation tables for administrative borders in Germany – data In order to...
See page
Research Clusters
Three Research Clusters ...
See page
Population and labour market
Population and labour market Inhabitants are all people (Germans and foreigners) with permanent residence in federal territory (or in a Land). That does not include ...
See page
Alumni
IWH Alumni The IWH would like to stay in contact with its former employees. We...
See page
Bitcoin Flash Crash on May 19, 2021: What Did Really Happen on Binance?
Tim Baumgartner, Andre Guettler
IWH Discussion Papers,
No. 25,
2022
Abstract
Bitcoin plunged by 30% on May 19, 2021. We examine the outage the largest crypto exchange Binance experienced during the crash, when it halted trading for retail clients and stopped providing transaction data. We find evidence that Binance back-filled these missing transactions with data that does not conform to Benford‘s Law. The Bitcoin futures price difference between Binance and other exchanges was seven times larger during the crash period compared to a prior reference period. Data manipulation is a plausible explanation for our findings. These actions are in line with Binance aiming to limit losses for its futures-related insurance fund.
Read article