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Metaverse cryptocurrencies: An empirical analysis of cybersecurity risks and market dynamics
Vol 6, Issue 2, 2025
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Abstract
This research aims at assessing how significant cybersecurity issues affect Metaverse coin price and trading volume with particular regard to the five greatest assets from 2017 till 2024. The study uses event study and impulse response analysis to examine the impact of MANA (Decentraland), SAND (The Sandbox), AXS (Axie Infinity Shards), ENJ (Enjin Coin) and GALA (Gala Games) on nine major security incidents like the Coincheck and Ronin hacks. Dependent variables include the prices and volumes of coins in the Metaverse, while prices of Bitcoin and Ethereum serve as the main independent variables to control for price activity. The results show short-lived but strong effects, depending on event intensity and platform specifics. The Coincheck hack caused a 4.9% price drop and 22% volume decline over 10 days, while BtcTurk had a smaller impact. The current paper enlarges the body of research addressing the cryptocurrency sector’s market stability with the new knowledge about the risks control and investments into the fresh classes of assets.
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Prof. Zhigeng Pan
Director, Institute for Metaverse, Nanjing University of Information Science & Technology, China

Prof. Jianrong Tan
Academician, Chinese Academy of Engineering, China
Metaverse Scientist Forum No.3 was successfully held on April 22, 2025, from 19:00 to 20:30 (Beijing Time)...
We received the Scopus notification on April 19th, confirming that the journal has been successfully indexed by Scopus...
We are pleased to announce that we have updated the requirements for manuscript figures in the submission guidelines. Manuscripts submitted after April 15, 2025 are required to strictly adhere to the change. These updates are aimed at ensuring the highest quality of visual content in our publications and enhancing the overall readability and impact of your research. For more details, please find it in sumissions...
On April 14, 2025, Prof. James Hutson from the United States delivered a lecture titled “Designing Neurosanctuaries in the Metaverse: Adaptive Virtual Spaces for Cognitive Restoration and Mental Health”...