Phemex CEO: AI has become a 'pure negative' for the crypto industry
- —Variola: AI has redirected a significant share of liquidity from crypto into its own sector
- —In July, about $116 million in BTC was stolen from 5,200+ addresses due to a Coldcard vulnerability
- —Small protocol teams will not survive without large cybersecurity budgets
- —Variola sees value in AI agents for portfolios but does not expect them to replace trader decisions
Why it matters: The rise in AI-driven attacks increases risks for DeFi and self-custody, which could accelerate the centralization of crypto infrastructure.
Source: CryptoHamster