Cryptocurrency Value and 51% Attacks: Evidence from Event Studies

  title={Cryptocurrency Value and 51% Attacks: Evidence from Event Studies},
  author={Savva Shanaev and Arina Shuraeva and Mikhail Vasenin and M. Kuznetsov},
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… Expand
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