The impact of cyber-attacks on different dimensions of cryptocurrency markets

IF 10.1 1区社会学 Q1 SOCIAL ISSUES Technology in Society Pub Date : 2025-03-05 DOI:10.1016/j.techsoc.2025.102865

Muhammad Umar

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Abstract

Cryptocurrency has recorded tremendous growth in their value in recent years which has attracted the attention of investors, policy makers, academicians and especially hackers. Since cryptocurrencies operate in cyberspace, they are frequently targeted by hackers aiming to rob crypto investors. So, this study explores how cyber-attacks affect cryptocurrency price, return and liquidity. The daily data regarding all these variables ranges from June 1, 2020, to August 3, 2021. The results of multiple linear regression with categorical independent variable and quantile regression show that cryptocurrency price is not affected by cyber-attacks. However, cyber-attacks on crypto exchanges result in loss for investors but cyber-attacks on other assets enhances cryptocurrency value. Furthermore, cyber-attacks on cryptocurrency do not affect their liquidity but the overall cyber-attacks enhance cryptocurrency liquidity. These findings suggest that crypto investors should not panic in the wake of cyber-attacks on cryptocurrency markets. Policy makers should view cryptocurrencies as assets having safe heaven properties to make better policies.

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近年来，加密货币的价值大幅增长，吸引了投资者、政策制定者、学者，尤其是黑客的关注。由于加密货币在网络空间中运行，因此经常成为黑客攻击的目标，目的是抢劫加密货币投资者。因此，本研究探讨了网络攻击如何影响加密货币的价格、回报和流动性。有关所有这些变量的每日数据范围为 2020 年 6 月 1 日至 2021 年 8 月 3 日。带有分类自变量的多元线性回归和量子回归结果表明，加密货币的价格不受网络攻击的影响。然而，对加密货币交易所的网络攻击会给投资者带来损失，但对其他资产的网络攻击会提升加密货币的价值。此外，对加密货币的网络攻击不会影响其流动性，但整体网络攻击会提高加密货币的流动性。这些研究结果表明，加密货币投资者不应在加密货币市场遭受网络攻击后感到恐慌。决策者应将加密货币视为具有安全天堂属性的资产，以制定更好的政策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Technology in Society Multiple-

CiteScore

17.90

自引率

14.10%

发文量

316

审稿时长

60 days

期刊介绍： Technology in Society is a global journal dedicated to fostering discourse at the crossroads of technological change and the social, economic, business, and philosophical transformation of our world. The journal aims to provide scholarly contributions that empower decision-makers to thoughtfully and intentionally navigate the decisions shaping this dynamic landscape. A common thread across these fields is the role of technology in society, influencing economic, political, and cultural dynamics. Scholarly work in Technology in Society delves into the social forces shaping technological decisions and the societal choices regarding technology use. This encompasses scholarly and theoretical approaches (history and philosophy of science and technology, technology forecasting, economic growth, and policy, ethics), applied approaches (business innovation, technology management, legal and engineering), and developmental perspectives (technology transfer, technology assessment, and economic development). Detailed information about the journal's aims and scope on specific topics can be found in Technology in Society Briefings, accessible via our Special Issues and Article Collections.