The rapid evolution of cryptocurrency and blockchain technology has significantly transformed the global financial ecosystem by enabling decentralized, transparent, and efficient digital transactions. However, this transformation has also introduced substantial cybersecurity threats and data privacy concerns. In India, particularly in emerging regions such as Himachal Pradesh, the growing adoption of cryptocurrency and digital financial platforms has increased exposure to cyber risks includes fraud, hacking, and identity theft. This study presents a systematic review of cybersecurity threats and data privacy issues associated with cryptocurrency transactions, supported by real-world case studies from India and global contexts. Secondary data were collected from academic journals, government publications, cybersecurity reports, and news sources published between 2015 and 2025. The findings reveal that phishing attacks, Ponzi schemes, exchange hacking, malware infections, and privacy breaches are among the most critical risks. Evidence indicates that cryptocurrency scams in Himachal Pradesh alone have resulted in losses exceeding ₹2,000 crore. The study concludes that while blockchain technology offers strong cryptographic security, vulnerabilities persist due to user behavior, technological limitations, and regulatory gaps. It recommends strengthening regulatory frameworks, enhancing digital literacy, and integrating advanced cybersecurity mechanisms. The study contributes to understanding cybersecurity challenges in emerging digital economies and provides actionable insights for policymakers and stakeholders.
Verma et al. (Thu,) studied this question.