The digitalisation of the real estate market: New evidence from the most prominent crypto hacker attacks
Viktor Manahov and
Mingnan Li
International Review of Financial Analysis, 2025, vol. 103, issue C
Abstract:
Blockchain innovations, particularly real estate tokens, have revolutionised the real estate market, enhancing efficiency, security, and transparency. However, the lurking threat of crypto hacker attacks on the digital real estate market demands immediate attention. We examine the impact of eight crypto hacker attacks on five types of real estate tokens. Our volatility spillover test results reveal that the stolen Ethereum have a statistically significant volatility spillover effect on the real estate token market, particularly for large capitalisation TokenFi and Hifi Finance tokens, which involve real estate investment returns. In contrast, the Propy and Propchain tokens, related to real estate transactions, show no statistically significant volatility spillover effect. This disparity underscores the varying vulnerability of different real estate tokens to the heists, depending on their market capitalisation and application. Further tests uncover market inefficiency and low liquidity post-attack, indicating that negative signals from crypto hacker attacks trigger irrational investor behaviour. Our findings highlight the urgent need for robust security measures in the digital real estate market to mitigate the negative impacts of crypto hacker attacks.
Keywords: Crypto hacker attacks; Market efficiency; Market liquidity; Real estate token; Volatility spillover effect (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1057521925002534
Full text for ScienceDirect subscribers only
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:finana:v:103:y:2025:i:c:s1057521925002534
DOI: 10.1016/j.irfa.2025.104166
Access Statistics for this article
International Review of Financial Analysis is currently edited by B.M. Lucey
More articles in International Review of Financial Analysis from Elsevier
Bibliographic data for series maintained by Catherine Liu ().