Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange

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Abstract

Distributed Denial of Service (DDoS) attacks provide an easy option for these criminals to disrupt the business of these online platforms. We analyse the economic impact of DDoS attacks on a crypto-currency exchange using event analysis. Our contributions are fourfold: Firstly, we develop an estimation model utilising ideas from behavioural finance to predict volume of crypto-currency traded on the basis of changes in price. Secondly, we perform an event analysis to evaluate whether there is an impact of a DDoS attack on the volume traded on the exchange in 17 different cases. Thirdly, we find that in 13 cases the negative impact due to a DDoS attack is recovered within the same day by the exchange. Finally, we evaluate hourly trade data to show why in most cases the volume traded recovers within a single day.
Original languageEnglish
Title of host publication2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP)
Place of PublicationPavia, Italy
PublisherIEEE
Pages379-384
Number of pages6
ISBN (Electronic)9781728116440
ISBN (Print)978-1-7281-1644-0
DOIs
Publication statusPublished - 19 Mar 2019
Event27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019 - Pavia, Italy
Duration: 13 Feb 201915 Feb 2019
Conference number: 27
https://www.pdp2019.eu/index.html

Conference

Conference27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019
Abbreviated titlePDP 2019
CountryItaly
CityPavia
Period13/02/1915/02/19
Internet address

Fingerprint

Attack
Denial
Currency
Behavioral finance
Economic impact

Keywords

  • Bitfinex
  • Crypto-currency
  • DDoS Attacks
  • Economic Impact
  • Event Study

Cite this

Abhishta, A., Joosten, R. A. M. G., Dragomiretskiy, S., & Nieuwenhuis, L. J. M. (2019). Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange. In 2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP) (pp. 379-384). Pavia, Italy: IEEE. https://doi.org/10.1109/EMPDP.2019.8671642
Abhishta, Abhishta ; Joosten, Reinoud A.M.G. ; Dragomiretskiy, Sergey ; Nieuwenhuis, Lambertus Johannes Maria. / Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange. 2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP). Pavia, Italy : IEEE, 2019. pp. 379-384
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title = "Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange",
abstract = "Distributed Denial of Service (DDoS) attacks provide an easy option for these criminals to disrupt the business of these online platforms. We analyse the economic impact of DDoS attacks on a crypto-currency exchange using event analysis. Our contributions are fourfold: Firstly, we develop an estimation model utilising ideas from behavioural finance to predict volume of crypto-currency traded on the basis of changes in price. Secondly, we perform an event analysis to evaluate whether there is an impact of a DDoS attack on the volume traded on the exchange in 17 different cases. Thirdly, we find that in 13 cases the negative impact due to a DDoS attack is recovered within the same day by the exchange. Finally, we evaluate hourly trade data to show why in most cases the volume traded recovers within a single day.",
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Abhishta, A, Joosten, RAMG, Dragomiretskiy, S & Nieuwenhuis, LJM 2019, Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange. in 2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP). IEEE, Pavia, Italy, pp. 379-384, 27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019, Pavia, Italy, 13/02/19. https://doi.org/10.1109/EMPDP.2019.8671642

Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange. / Abhishta, Abhishta ; Joosten, Reinoud A.M.G.; Dragomiretskiy, Sergey; Nieuwenhuis, Lambertus Johannes Maria.

2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP). Pavia, Italy : IEEE, 2019. p. 379-384.

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

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AU - Nieuwenhuis, Lambertus Johannes Maria

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AB - Distributed Denial of Service (DDoS) attacks provide an easy option for these criminals to disrupt the business of these online platforms. We analyse the economic impact of DDoS attacks on a crypto-currency exchange using event analysis. Our contributions are fourfold: Firstly, we develop an estimation model utilising ideas from behavioural finance to predict volume of crypto-currency traded on the basis of changes in price. Secondly, we perform an event analysis to evaluate whether there is an impact of a DDoS attack on the volume traded on the exchange in 17 different cases. Thirdly, we find that in 13 cases the negative impact due to a DDoS attack is recovered within the same day by the exchange. Finally, we evaluate hourly trade data to show why in most cases the volume traded recovers within a single day.

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Abhishta A, Joosten RAMG, Dragomiretskiy S, Nieuwenhuis LJM. Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange. In 2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP). Pavia, Italy: IEEE. 2019. p. 379-384 https://doi.org/10.1109/EMPDP.2019.8671642