Phemex CEO Federico Variola says artificial intelligence has been a ‘net negative’ for the crypto industry, diverting capital while empowering attackers, notably during a $116 million Bitcoin theft affecting over 5,200 addresses through a Coldcard hardware wallet vulnerability. Rising cybersecurity costs risk pushing the industry toward greater centralization, making decentralized finance and self-custody less appealing to retail users. However, Variola acknowledges that AI agents can help investors build portfolios and make better trading decisions, though he doesn’t expect them to fully replace human judgment.
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