# kaal:claim:3606663-021

**Claim.** Cyber security incidents contribute to the volatility of the digital asset market through a specific channel: consumers instantaneously withdraw their assets from an exchange affected by an incident.

**Type.** mechanism  **Support.** argued

**Holds when.**

- digital asset exchanges affected by cyber security incidents
- author flags other contributing reasons

**Source quote.**

> Some indicia suggest that cyber security incidents contribute to the volatility of the digital asset market as consumers withdraw instantaneously their assets from an exchange that has been affected by a cyber security incident, among other reasons for this relationship.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 5. Cyber Security, page 38

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Failure mode.** exchange breach triggers instantaneous withdrawal cascade  (family: systemic-risk-transmission)

**Topics.** consensus-and-security, defi, systemic-risk, economics, institutional-design

**Keywords.** cyber-security, volatility, digital-asset-exchanges, bank-run-dynamics, market-evolution

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.