Centre d’Etudes et de Recherches Appliquées à la Gestion

This paper provides a literature survey on the vulnerabilities and risks of Blockchain technology and the crypto-market. Since their creation, the crypto-market and Blockchain technology are still very much challenged and far from mainstream adoption. Thus, we propose a detailed literature survey focusing on the relationship between technological characteristics and financial risks. Furthermore, to complete this study, we propose ways to determine the likelihood of technological vulnerabilities triggering financial risks. We find a significant relationship between Blockchain attacks and cryptocurrency volatility, illustrating the relationship between technological vulnerabilities and financial risk. Our contributions are threefold. First, we perform a literature survey comprising the crypto-market’s risks. Secondly, we show a link between technological risks and financial ones. Thirdly, we provide empirical results showing that bitcoin’s price stability is disturbed by technological vulnerabilities