AI's 'Net Negative' Impact on Crypto: Phemex CEO Weighs In
Phemex CEO Federico Variola expressed skepticism about AI's impact on the crypto industry, calling it a 'net negative' in an interview with Cointelegraph. He stated that AI has diverted capital away from the industry and empowered attackers, driving up cybersecurity costs for smaller teams.
Variola warned that these pressures risk pushing the industry toward greater centralization. He also highlighted recent exploits linked to AI, including a July attack on Coldcard hardware wallets that drained $116 million in Bitcoin from over 5,200 addresses.
Coinkite CEO Rodolfo Novak had previously warned developers that AI-assisted code review can uncover bugs at an unprecedented pace. Variola echoed this sentiment, stating that AI has empowered bad actors to exploit protocols with ease.