Security Vulnerabilities of Cryptocurrency Wallets -A Systematic Review

Abstract

The cryptocurrency wallet security has been among the hot issues concerning its adoption. It hinders most users and government from adopting crypto-market. There are several security issues reported by the study such as scams, hacks, and theft in digital coins particularly cryptocurrency. This study has deployed literature review techniques to bring awareness on the frequently used vulnerabilities and to suggest the way to mitigate and prevent such vulnerabilities. Numerous methodologies suggested by prior-literatures has been used to mitigate, detect, and prevent any security threats towards crypto-wallet. The study has found that the cryptocurrency wallet is subjected to several attacks which are born by the general internet protocols loopholes, those attacks born by the presence of security vulnerabilities awareness, and those attacks resulted from the nature of blockchain systems. Several users have been victimized by the scammers, hackers, and fake investment schemes due to lack of knowledge base concerning security vulnerabilities. This study recommends the usage of several security policies to combat those vulnerabilities which include usage of Insurance policies, Security scans policies, and deployment of AI systems to mitigate any security vulnerabilities.