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The Journal of Alternative Investments

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Cryptocurrency Value and 51% Attacks: Evidence from Event Studies

Savva Shanaev, Arina Shuraeva, Mikhail Vasenin and Maksim Kuznetsov
The Journal of Alternative Investments Winter 2020, jai.2019.1.081; DOI: https://doi.org/10.3905/jai.2019.1.081
Savva Shanaev
is at University of Northumbria at Newcastle, Osiris Science
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Arina Shuraeva
is at University of London, Osiris Finance
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Mikhail Vasenin
is at Higher School of Economics, Osiris Finance
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Maksim Kuznetsov
is at Finance University under the Government of Russian Federation, Osiris Finance
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Abstract

In this article, an event studies approach is utilized to assess the influence of 51% attacks on proof-of-work (PoW) cryptocurrency prices. The study uses an exhaustive sample of 14 individual attacks on 13 cryptocurrencies. Across multiple event studies techniques, majority attacks on blockchains are consistently shown to immediately decrease corresponding coin prices by 12% to 15%. Significantly negative price response is robust in various event windows. Coin prices do not recover to pre-attack levels one week after the event. There is evidence of pump-and-dump schemes prior to the 51% attack, however the market demonstrates high efficiency after the attacks. 51% attacks are suggested to be a fundamental risk factor for cryptocurrency investments, primarily characteristic of small PoW coins with low hash rates.

TOPIC: Currency

Key Findings

  • • 51% attacks on Proof-of-Work cryptocurrencies decrease their market prices by 12.60% on average.

  • • The effect is robust to different measurement techniques and in various event windows.

  • • There is evidence of insider trading and “pump-and-dump” schemes prior to the attacks.

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The Journal of Alternative Investments: 23 (3)
The Journal of Alternative Investments
Vol. 23, Issue 3
Winter 2021
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Cryptocurrency Value and 51% Attacks: Evidence from Event Studies
Savva Shanaev, Arina Shuraeva, Mikhail Vasenin, Maksim Kuznetsov
The Journal of Alternative Investments Oct 2019, jai.2019.1.081; DOI: 10.3905/jai.2019.1.081

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Cryptocurrency Value and 51% Attacks: Evidence from Event Studies
Savva Shanaev, Arina Shuraeva, Mikhail Vasenin, Maksim Kuznetsov
The Journal of Alternative Investments Oct 2019, jai.2019.1.081; DOI: 10.3905/jai.2019.1.081
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