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DC Field | Value | Language |
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dc.contributor.author | Caporale, GM | - |
dc.contributor.author | Kang, W-Y | - |
dc.contributor.author | Spagnolo, F | - |
dc.contributor.author | Spagnolo, N | - |
dc.contributor.editor | Achim, M | - |
dc.date.accessioned | 2023-05-06T17:35:20Z | - |
dc.date.available | 2023-05-06T17:35:20Z | - |
dc.date.issued | 2023-08-27 | - |
dc.identifier | ORCID iD: Guglielmo Maria Caporale https://orcid.org/0000-0002-0144-4135 | - |
dc.identifier | ORCID iD: Woo-Young Kang https://orcid.org/0000-0001-6615-721X | - |
dc.identifier | ORCID iD: Fabio Spagnolo https://orcid.org/0000-0001-9043-4133 | - |
dc.identifier | ORCID iD: Nicola Spagnolo https://orcid.org/0000-0002-1663-2104 | - |
dc.identifier | 14 | - |
dc.identifier.citation | Caporale, G.M. et al. (2023) 'Cyber-attacks, cryptocurrencies, and cyber-security', in Achim, M.V. (ed.) Economic and Financial Crime, Sustainability and Good Governance. Cham, Switzerland: Springer, pp. 347 - 381. doi: 10.1007/978-3-031-34082-6_14. | en_US |
dc.identifier.uri | https://bura.brunel.ac.uk/handle/2438/26409 | - |
dc.description | Part of the Contributions to Finance and Accounting book series (CFA) | - |
dc.description.abstract | This chapter provides comprehensive evidence on the effects of cyber-attacks (cyber-crime, cyber espionage, cyber warfare and hacktivism) and cyber security on three types of cryptocurrencies (Bitcoin, Ethereum and Litecoin). Our methodology is based on time series regressions using cyber-attack data; for the analysis, we consider realised returns, realised volatilities, trading volumes and risk-adjusted returns. Stronger cyber security is found to increase realised and risk-adjusted returns, to reduce risk and to increase trading volumes as investors build up their confidence to trade in a safer digital environment. Ethereum, which is a smart contract, benefits the most from cyber security. Bitcoin and Litecoin investors can be characterised as risk-loving and overreact in their attempt to exploit arbitrage opportunities in the event of cyber-attacks targeting cryptocurrency exchanges and industry sector; this type of behaviour is attenuated (intensified) by stronger cyber security in the case of the former (latter) type of attacks. On the other hand, Bitcoin investors in particular become risk-averse when cyber-attacks hit the US government sector. Ethereum is relatively more immune to cyber-attacks regardless of their targets and types in comparison to Bitcoin and Litecoin. However, hacktivism increases risk for all three cryptocurrencies considered. Our results suggest that policy makers and regulators need to be better informed about the impact of cyber-attacks on cryptocurrencies and that more appropriate strategies should be designed and put in place to enhance cyber security. | - |
dc.format.extent | 347 - 381 (35) | - |
dc.format.medium | Print-Electronic | - |
dc.language.iso | en_US | en_US |
dc.publisher | Springer | en_US |
dc.relation.ispartofseries | Contributions to Finance and Accounting (CFA) | - |
dc.rights | Copyright © 2023 The Author(s), under exclusive license to Springer Nature Switzerland AG This is a pre-copyedited, author-produced version of a book chapter accepted for publication in Economic and Financial Crime, Sustainability and Good Governance following peer review. The final authenticated version is available online at https://doi.org/[DOI TBC] (see: https://www.springernature.com/gp/open-research/policies/book-policies). | - |
dc.rights.uri | https://www.springernature.com/gp/open-research/policies/book-policies | - |
dc.subject | cyber-attacks | en_US |
dc.subject | cryptocurrencies | en_US |
dc.subject | cyber security | en_US |
dc.title | Cyber-attacks, cryptocurrencies, and cyber-security | en_US |
dc.type | Book chapter | en_US |
dc.identifier.doi | https://doi.org/10.1007/978-3-031-34082-6_14 | - |
dc.relation.isPartOf | Economic and Financial Crime, Sustainability and Good Governance | - |
pubs.publication-status | Published | - |
dc.rights.holder | The Author(s) | - |
Appears in Collections: | Dept of Economics and Finance Embargoed Research Papers |
Files in This Item:
File | Description | Size | Format | |
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FullText.pdf | Embargoed until 27 August 2025 | 1.26 MB | Adobe PDF | View/Open |
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