Federico Variola, CEO of the cryptocurrency exchange Phemex, stated that artificial intelligence poses significant risks to the digital asset industry. According to Variola, AI tools facilitate cyberattacks by helping hackers identify code vulnerabilities, which forces smaller projects to increase cybersecurity spending and leads to greater market centralization.
The impact of AI on security is already evident. In July, hackers exploited a vulnerability in Coldcard hardware wallets to steal $116 million worth of Bitcoin, affecting over 5,200 addresses. Experts suggest that AI was likely used to detect the critical code error. Rodolfo Novak, head of Coinkite, noted that AI analysis tools now identify bugs faster than human developers.
Variola also highlighted that AI-driven social engineering and increased device hacking risks make DeFi and non-custodial storage less attractive to average users. Despite these concerns, Phemex previously announced plans in February to integrate AI into its internal operations and product development. Variola clarified that his current skepticism concerns the broader market impact.
The CEO acknowledged that AI agents could assist investors with portfolio diversification and trading advice. However, he emphasized that human interaction remains essential in crypto trading, as the final decision on any transaction must rest with the user. A report by F6 covering 2025 and early 2026 confirms that AI is increasingly used in real-world cyberattacks.
