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  • 2023
  • Working Paper

Competition and Speculation in Cryptocurrencies

By: Alex A. Wu and Justin Katz
We examine how mutual fund managers' performance incentives generated speculative demand during the 2020-2022 cryptocurrency boom and bust. Managers with strong relative performance incentives began investing in crypto after their competitors began investing in it,... View Details
Keywords: Cryptocurrency; Mutual Funds; Competition; Investment; Decision Making
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  • June 2024 (Revised March 2025)
  • Case

Wemade: (Re)Establishing Trust in Blockchain Games (A)

By: Jung Koo Kang, Charles C.Y. Wang, David Allen and Kwangmoon So
This case explores the fundamental challenges and accounting issues arising from the integration of blockchain technology into traditional business models. It features Wemade, a South Korean online gaming company that has staked its future on blockchain-based games.... View Details
Keywords: Blockchain; Cryptocurrency; Video Games; Accounting; Financial Reporting; Revenue Recognition; Games, Gaming, and Gambling; Corporate Disclosure; Information Technology; Technology Adoption; Accounting Industry; Information Technology Industry; Video Game Industry; South Korea
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  • 2023
  • Working Paper

Financial and Informational Integration Through Oracle Networks

By: Lin William Cong, Eswar Prasad and Daniel Rabetti
Oracles are software components that enable data exchange between siloed blockchains and external environments, enhancing smart contract capabilities and platform interoperability. We find that oracle integration is positively associated with total value locked and... View Details
Keywords: Decentralized Finance; Blockchain; Smart Contract; International Economy; Interoperability; Risk Sharing; Applications and Software; Financial Markets; Economics; Risk Management
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  • Forthcoming
  • Book

Blockchain Forensics and Crypto-Related Cybercrimes

By: Lin William Cong, Kim Grauer, Daniel Rabetti and Henry Updegrave
This handbook provides an overview of various criminal activities related to cryptocurrencies, including investment scams, Ponzi schemes, rug pulls, ransomware attacks, money laundering, and darknet markets. We discuss the need for user protection and education,... View Details
Keywords: Cyberattacks; Blockchain; Network; Cryptocurrency; Crime and Corruption; Cybersecurity; Governing Rules, Regulations, and Reforms; Law Enforcement; Technology Adoption
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    An Anatomy of Crypto-Enabled Cybercrimes

    The advent of cryptocurrencies and digital assets holds the promise of improving financial systems by offering cheap, quick, and secure transfer of value. However, it also opens up new payment channels for cybercrimes. Assembling a diverse set of public on- and... View Details
    • August 2024
    • Case

    Circle: Reinventing the Future of Money

    By: Shikhar Ghosh and Shweta Bagai
    In early 2024, Circle Internet Financial's leadership team gathered to discuss the company's strategic path as it prepared for an IPO. Founded in 2013 by Jeremy Allaire, Circle had emerged as a pioneer in digital finance through its USD Coin (USDC), a regulated... View Details
    Keywords: Currency; Governance Compliance; Initial Public Offering; Competition; Financial Services Industry
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      The Everything Token: How NFTs and Web3 Will Transform the Way We Buy, Sell, and Create

      A Harvard Business School professor and a16z crypto research partner and a career marketer and Web3 entrepreneur demystify the coming digital revolution, showing how NFTs will transform our online and offline... View Details

        Scott Duke Kominers

        Scott Duke Kominers is a Professor of Business Administration in the Entrepreneurial Management Unit; as well as a Faculty Affiliate of the View Details

        • April 2025
        • Article

        An Anatomy of Crypto-Enabled Cybercrimes

        By: Will Cong, Campbell Harvey, Daniel Rabetti and Zong-Yu Wu
        The advent of cryptocurrencies and digital assets holds the promise of improving financial systems by offering cheap, quick, and secure transfer of value. However, it also opens up new payment channels for cybercrimes. Assembling a diverse set of public on- and... View Details
        Keywords: Cryptocurrency; Crime and Corruption; Technology Adoption; Currency; Policy
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        • May 2022
        • Case

        From GOP to NFT: Anthony Scaramucci and the Launch of Flatter NFT

        By: Lauren Cohen, Richard Ryffel and Grace Headinger
        Anthony Scaramucci, Managing Director of SkyBridge Capital, considered whether he should officially greenlight the launch of SkyBridge’s own NFT platform — Flatter NFT. He had led the investment firm to push first into Bitcoin and then Ethereum to make SkyBridge a... View Details
        Keywords: Business Startup; Fintech; Technology; Cryptocurrency; Web3; Business Startups; Volatility; Decision Making; Entertainment; Entrepreneurship; Investment; Strategic Planning; Adoption; Competitive Advantage; Technology Adoption; Finance; Currency; Banking Industry; Financial Services Industry; Technology Industry; New York (city, NY)
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        • October 2024
        • Teaching Note

        El Salvador: Launching Bitcoin as Legal Tender

        By: Laura Alfaro
        Teaching Note for HBS Case No. 322-055. In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had... View Details
        Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Government Administration; Latin America; El Salvador
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        • August 2021
        • Case

        Mylestone: Can Multiple Pivots Preserve the Life of a Death Tech Startup?

        By: Shikhar Ghosh and Marilyn Morgan Westner
        Dave Balter and Jim Myers co-founded Mylestone, a death tech startup that applied technology to transform how grieving people memorialize the dead. The startup addressed a cultural problem and promised to solve a pressing need in the antiquated, multi-billion dollar... View Details
        Keywords: Pivot; Startup; Business Model; Cryptocurrency; Ethical Decision Making; Emotions; Growth and Development Strategy; Ethics; Market Entry and Exit; Customer Relationship Management; Loss; Change Management; Relationships
        Related
        • Web

        Lifelong Learning - Alumni

        Takedown Lessons from the downfall of a crypto criminal Re: Aiyesha Dey (James R. Williston Professor of Business Administration); Eugene F. Soltes (McLean Family Professor of Business Administration Unit Head, Accounting and Management);... View Details
        • Web

        Connect with Clubs - Recruiting

        Australian & New Zealand Club Co-Presidents Rita Dalton rdalton@mba2026.hbs.edu Jeffrey Li jli@mba2026.hbs.edu David Liang dliang@mba2026.hbs.edu Club Email anzc@studentclubs.hbs.edu Bitcoin & Crypto Club Co-Presidents Dani Alami Cabezas... View Details
        • 23 Jan 2024
        • Book

        More Than Memes: NFTs Could Be the Next Gen Deed for a Digital World

        also advise companies and serve as experts on marketplace and incentive design, Web3 strategy, NFT brand-building, and other topics. Additionally, Kominers is a Research Partner at a16z crypto, which is an investor in crypto projects,... View Details
        Keywords: by Dina Gerdeman; Information Technology; Technology; Financial Services
        • 18 Jul 2022
        • Research & Ideas

        After the 'Crypto Crash,' What's Next for Digital Currencies?

        Professor Scott Duke Kominers spoke to the Harvard Gazette about why the crypto market has plunged in value recent months and how a tide of upcoming international regulation could affect the market. The interview has been edited for... View Details
        Keywords: by Christina Pazzanese, Harvard Gazette; Financial Services; Technology
        • 14 Mar 2023
        • In Practice

        What Does the Failure of Silicon Valley Bank Say About the State of Finance?

        on SVB were no more apparent than the runs we have seen in the crypto space. The swift government actions to back regional banks, in my view, are commendable, although more targeted to managing general confidence than reflecting the... View Details
        Keywords: by Dina Gerdeman; Financial Services; Banking
        • 01 Mar 2024
        • News

        Unlocking the Power of Community

        When Tara Fung (MBA 2016) explains Co:Create, the company she cofounded in 2022 and now leads as CEO, she doesn’t mention Web3 first. “We help innovative brands and creators unlock the power of community,” she explains. Co:Create does this with a new, gamified approach... View Details
        Keywords: April White
        • 08 Feb 2024
        • Blog Post

        African American Student Union Spotlight on Joint Degrees

        Microsoft, I spent a few years exploring entrepreneurship, both on the operator side – joining and founding startups in the crypto space – and on the investor side as a Venture Partner and mentor at firms including Bessemer and A16z.... View Details
        • 01 Mar 2024
        • News

        The Internet's Next Frontier

        hands-on experience to understand the technology by having them create crypto wallets and participate in exercises where they encounter different types of transactions and platform interactions. In the course, both students and faculty... View Details
        Keywords: Jennifer Gillespie