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With the growing demand for enhanced performance and scalability in cloud applications and systems, data center architectures are evolving to incorporate heterogeneous computing fabrics that leverage CPUs, GPUs, and FPGAs. Unlike traditional processing platforms like CPUs and GPUs, FPGAs offer the unique ability for hardware reconfiguration at run-time, enabling improved and tailored performance, flexibility, and acceleration. FPGAs excel at executing large-scale search optimization, acceleration, and signal processing tasks while consuming low power and minimizing latency. Major public cloud providers, such as Amazon, Huawei, Microsoft, Alibaba, and others, have already begun integrating FPGA-based cloud acceleration services into their offerings. Although FPGAs in cloud applications facilitate customized hardware acceleration, they also introduce new security challenges that demand attention. Granting cloud users the capability to reconfigure hardware designs after deployment may create potential vulnerabilities for malicious users, thereby jeopardizing entire cloud platforms. In particular, multi-tenant FPGA services, where a single FPGA is divided spatially among multiple users, are highly vulnerable to such attacks. This paper examines the security concerns associated with multi-tenant cloud FPGAs, provides a comprehensive overview of the related security, privacy and trust issues, and discusses forthcoming challenges in this evolving field of study.