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Cryptocurrency exchanges are frequently targeted and compromised bycyber-attacks, which may lead to significant losses for the depositors andclosure of the affected exchanges. These risks threaten the viability of theentire public blockchain ecosystem since exchanges serve as major gateways forparticipation in public blockchain technologies. In this paper, we develop aneconomic model to capture the short-term incentives of cryptocurrency exchangeswith respect to making security investments and establishing transaction fees.Using the model, we derive conclusions regarding an exchange's optimal economicdecisions, and illustrate key features of these conclusions using graphs basedon real-world data. Our security investment model exhibits horizontal scalingproperties with respect to reducing exposure to losses, and may be of specialinterest to exchanges operating in markets with high price volatility.

Economic Analyses of Security Investments on Cryptocurrency Exchanges