Conclusion

We cannot deny the benefits of cryptocurrency that brings to human society and solves many problems in traditional financial institutions. However, it also has their negative aspects in financial privacy and cybersecurity. We are already exploring blockchain technologies that provide users with pseudonymity and control over their financial data, and this also creates more opportunities for more illegal activities for criminals. We also discussed that these risks include not only those from individuals or groups but also from companies/organizations that use cryptocurrencies for illegal activities. It requires more development of robust institutional cybersecurity frameworks and enhanced digital knowledge for all users. Without acknowledging and having a proactive solution for these problems, we risk allowing the transformative potential of cryptocurrency to be overshadowed by the threats that cybercrime poses.