AI-Generated Scams Threaten Crypto Security, Warns Solana Foundation CISO

The Solana Foundation's new Chief Information Security Officer (CISO), Michael Coates, warns that AI-generated scams are making crypto hacks more convincing.

Coates, who previously led security at Twitter and Mozilla during the browser wars, says that many recent security incidents in the crypto space were not caused by smart contract vulnerabilities but rather by fake identities and advanced scams.

'You have to do everything a Web2 company has to do for security, and the incremental uniqueness to Web3,' Coates explained. 'When you have adversaries that are definitely motivated and can take funds irrevocably, they are going to look for any mistake.'

Coates emphasized that many hacks originate outside of blockchain compromises themselves and are instead operational security issues or Web2 problems.