Measuring the impact of digital exchange cyberattacks on Bitcoin Returns

【Author】 Milunovich, George; Lee, Seung Ah

【Source】ECONOMICS LETTERS

【影响因子】1.469

【Abstract】We investigate the impact on Bitcoin returns arising from cyberattacks on digital exchanges over the 2012-2021 period. In particular, we test the hypothesis that Bitcoin experiences lower returns on the dates associated with cybersecurity breaches of cryptocurrency exchanges. We find a negative and statistically significant impact where Bitcoin price declines by about 1.513 percent on the cyberattack days. However, a subsample analysis suggests that while the estimated effect is somewhat larger over the 2012-2018 period, it has lessened and become statistically insignificant in the more recent 2019-2021 subsample.(c) 2022 Elsevier B.V. All rights reserved.

【Keywords】Bitcoin; Cryptocurrency exchange breach; Cyberattack; GARCH

【发表时间】2022 DEC

【收录时间】2022-11-30

【文献类型】实证数据

【主题类别】

区块链治理-市场治理-市场分析