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

Abhishta  Abhishta; Reinoud A.M.G. Joosten; Sergey Dragomiretskiy; Lambertus Johannes Maria Nieuwenhuis

doi:10.1109/EMPDP.2019.8671642

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

Abhishta Abhishta
, Reinoud A.M.G. Joosten
, Sergey Dragomiretskiy
, Lambertus Johannes Maria Nieuwenhuis

Industrial Engineering & Business Information Systems

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

30 Citations (Scopus)

1510 Downloads (Pure)

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 language	English
Title of host publication	2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP)
Place of Publication	Pavia, Italy
Publisher	IEEE
Pages	379-384
Number of pages	6
ISBN (Electronic)	9781728116440
ISBN (Print)	978-1-7281-1644-0
DOIs	https://doi.org/10.1109/EMPDP.2019.8671642
Publication status	Published - 19 Mar 2019
Event	27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019 - Pavia, Italy Duration: 13 Feb 2019 → 15 Feb 2019 Conference number: 27 https://www.pdp2019.eu/index.html

Conference

Conference	27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019
Abbreviated title	PDP 2019
Country/Territory	Italy
City	Pavia
Period	13/02/19 → 15/02/19
Internet address	https://www.pdp2019.eu/index.html

Keywords

Bitfinex
Crypto-currency
DDoS Attacks
Economic Impact
Event Study

Access to Document

10.1109/EMPDP.2019.8671642

Impact of DDoS Attacks on Cryptocurrency ExchangeAccepted author version, 2.49 MB

Cite this

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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. ",

keywords = "Bitfinex, Crypto-currency, DDoS Attacks, Economic Impact, Event Study",

author = "Abhishta Abhishta and Joosten, \{Reinoud A.M.G.\} and Sergey Dragomiretskiy and Nieuwenhuis, \{Lambertus Johannes Maria\}",

year = "2019",

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doi = "10.1109/EMPDP.2019.8671642",

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booktitle = "2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP)",

publisher = "IEEE",

address = "United States",

note = "27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019, PDP 2019 ; Conference date: 13-02-2019 Through 15-02-2019",

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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 et al.
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 proceeding › Conference contribution › Academic › peer-review

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T1 - Impact of Successful DDoS Attacks on a Major Crypto-Currency Exchange

AU - Abhishta, Abhishta

AU - Joosten, Reinoud A.M.G.

AU - Dragomiretskiy, Sergey

AU - Nieuwenhuis, Lambertus Johannes Maria

N1 - Conference code: 27

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N2 - 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.

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.

KW - Bitfinex

KW - Crypto-currency

KW - DDoS Attacks

KW - Economic Impact

KW - Event Study

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M3 - Conference contribution

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EP - 384

BT - 2019 27th Euromicro International Conference on Parallel, Distributed and Network-based Processing (PDP)

PB - IEEE

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T2 - 27th Euromicro International Conference on Parallel, Distributed and Network-Based Processing 2019

Y2 - 13 February 2019 through 15 February 2019

ER -

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

Abstract

Conference

Keywords

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The Blind Man and The Elephant: Measuring Economic Impacts of DDoS Attacks

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