A total of 1.1 million bitcoins were stolen in the 2013–2017 period. Noting that the average price for a Bitcoin in 2018 was $7572 the corresponding monetary equivalent of losses is $8.9 billion highlighting the societal impact of this criminal activity. Investigating the response of the uncertainty of Bitcoin returns when hacking incidents occur, the results of this study point toward two different responses. After experiencing a contemporaneous effect at day $t=0$, the volatility increases significantly again at day $t+5$. Hacking incidents that occur in the Bitcoin market also affect the uncertainty in the Ethereum market with a time delay of five days. Notably, neither Bitcoin nor Ethereum appear to exhibit asymmetric responses to negative innovations.

2013 年至 2017 年期间，共有 110 万比特币被盗。注意到 2018 年比特币的平均价格为 7572 美元，相应的货币等值损失为 89 亿美元，突显了这种犯罪活动的社会影响。调查黑客事件发生时比特币回报不确定性的反应，本研究的结果指向两种不同的反应。在经历了白天的同期效应后$吨=0$，当天波动率再次显着增加 $吨+5$. 比特币市场发生的黑客事件也影响了以太坊市场的不确定性，时间延迟了五天。值得注意的是，比特币和以太坊似乎都没有对消极创新表现出不对称的反应。