University of Twente Student Theses


The influence of DDoS attacks on cryptocurrency exchanges

Dragomiretskiy, Sergey (2018) The influence of DDoS attacks on cryptocurrency exchanges.

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Abstract:Cryptocurrency exchanges are becoming increasingly more targeted by attacks executed by cybercriminals because of the exploding growth of the crypto markets. Distributed Denial of Service (DDoS) attacks are chosen more often because of the easiness, cheapness, and anonymity of the attack. This paper provides an investigation into the in- uence of DDoS attacks on cryptocurrency exchanges. In particular, it investigates the in uence of the denial of service on trading activity over a period of 3 years on currently one of the biggest cryptocurrency exchanges: Bitfinex. This study examines how and why DDoS attacks in uence companies, the size of the impact of a DDoS attack on Bitfinex, and the significance of this in uence. First, it uses a literature review to answer questions about DDoS in general and then it makes use of statistical methods to analyze the impact of 18 DDoS attacks done on the Bitfinex exchange. It uses an event study and proposes a prediction model for the estimation of the number of trades in a novel and extremely volatile market. The results of this study conclude that the impact of the attacks was not significantly negative. This means that trading on the exchange did not significantly decrease in the days after a DDoS attack.
Item Type:Essay (Bachelor)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:54 computer science, 83 economics
Programme:Business & IT BSc (56066)
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