We investigate the impact on Bitcoin returns arising from cyberattacks on digital exchanges. Using several alternative specifications we test the hypothesis that Bitcoin experiences lower returns on the dates associated with cybersecurity breaches of cryptocurrency markets. We find a negative...

Digital exchanges, which convert funds between national currencies and cryptocurrencies, are often the victims of cybersecurity attacks. We investigate the impact of such cybersecurity breaches on bitcoin returns. Using several alternative specifications we test the hypothesis that bitcoin...