Cryptocurrencies have been broadly scrutinised in recent times for a host of concerning regulatory and cybercriminality issues. Although steps have been taken to promote regulatory
sufficiency in the near future, we examine the avenues through which this extremely high-risk
industry can derive potentially devastating contagion channels, influencing both unwilling
and unsuspecting investors. We focus this research on the expressions of interest by publicly
traded companies across the world to utilise cryptocurrency and blockchain projects. We
find evidence that there exists a substantial stock price premium and sustained increase in
volatility in the aftermath of blockchain announcements, with emphasis on highly-speculative
motives such as coin creation and corporate name changes. Changes in price discovery and
information flows are found to be largely determined from cryptocurrency-based pricing
sources in the aftermath of speculative announcements. We discuss the inherent ethical and
legal issues, considering as to whether such announcements are simply an attempt to artificially manipulate share prices and take part in the current phase of crypto-exuberance.