Mingnan Li

Profile

Thesis supervisors

• Dr Viktor Manahov
• Professor John Ashton

Thesis Title

The Blockchain Challenge: The Impact of Cryptocurrency Heists on Market Trends and Investor Behaviour

Biography

Biography

Education

MSc Finance and Investment, University of Leeds, 2019-2020
BA Business Management and Finance, De Montfort University, 2017-2019
BA International Finance, Beijing Normal University, Zhuhai, China, 2015-2017

External Consultancy Services

• Participated in the Travel Technology Association (Travel Tech) project to promote stablecoins in the tourism industry and provided advice as an external consultant, 2025
• Participated in the design and feedback of the stablecoin USD2 of the Inverse Finance team, 2024

Research

Research Topic

The Fragility of Blockchain: How Cryptocurrency Heists Shape Market Trends and Investor Behaviour

Research interests

My research focuses on exploring the vulnerabilities of blockchain ecosystems, particularly in the aftermath of cryptocurrency hacking incidents and their profound impact on market dynamics and investor behaviour. Specifically, I meticulously investigate how such attacks lead to declines in market efficiency, shifts in liquidity structure, and volatility spillover effects across platforms.

Publications

Publications

1. Manahov, V., & Li, M. (2025). The implications of crypto hacker attacks on financing new ventures. Journal of Small Business Management, 1–42. (ABS:3)
2. Manahov, V., & Li, M. (2025). A note on the relationship between digital assets and the energy markets: new evidence from the most prominent crypto heists. The European Journal of Finance, 1-37. (ABS:3)
3. Manahov, V., & Li, M. (2025). The digitalisation of the real estate market: New evidence from the most prominent crypto hacker attacks. International Review of Financial Analysis, 104166. (ABS:3)
4. Li, M., Manahov, V., & Ashton, J. (2025). A note on the relationship between Bitcoin price and sentiment: New evidence obtained from a cryptocurrency heist. The North American Journal of Economics and Finance, 102432. (ABS:2)
5. Li, M., Manahov, V., & Ashton, J. (2024). The impact of cryptocurrency heists on Bitcoin's market efficiency. International Journal of Finance & Economics. (ABS:3)
6. Manahov, V., & Li, M. (2024). Stablecoins: New perspectives for travel and tourism. Annals of Tourism Research, 107, 103789. (ABS:4)
7. Manahov, V., & Li, M. (2024). The implications of virtual money on travel and tourism. Annals of Tourism Research, 105, 103686. (ABS:4)