Rebuilding Trust in Cryptocurrency Exchanges after Cyber-attacks

Abstract

Cryptocurrency exchanges are subjected to cyber-attacks and cryptocurrencies worth millions of US dollars are lost every year. The value of cryptocurrencies is volatile and the cyber-attacks on the exchanges make them even more volatile. Whenever these cyber-attacks happen, the customers might lose their trust not only on a given exchange but also on cryptocurrencies in general. Hence, the exchanges need to rebuild trust among their current and potential customers after a cyber-attack. In this paper, we present findings from a study on cyber-attacks on seven different exchanges, focusing on how they responded after the cyber-attacks to rebuild customers’ trust. Analyzing the responses of current and potential customers to the trust rebuilding techniques used by the exchanges, we also assessed the efficiency of these techniques.