Beyond the breach: Bitcoin’s response to exchange-related cyberattacks and closures

Seung Ah Lee and George Milunovich

Applied Economics Letters, 2025, vol. 32, issue 12, 1741-1745

Abstract: We investigate the influence of digital exchange-related cyberattacks and closures on Bitcoin’s returns and volatility. We observe a negative impact on Bitcoin’s return of 1.368% on the days when the cyberattacks occur, but no significant effect linked to exchange closures. Conversely, exchange closures increase Bitcoin’s volatility, while cyberattacks on digital exchanges do not generate a significant impact. Subsample analysis over the 2012–2018 and 2019–2023 time intervals yields results that are largely consistent with those obtained from the entire sample period.

Date: 2025
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DOI: 10.1080/13504851.2024.2316141

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