Phemex CEO says AI has done more harm than good for crypto

AI is having an overall negative impact on the crypto industry, Phemex CEO Federico Variola said in an interview with Cointelegraph, citing capital leaving the sector for other fields and more threatening hacking capabilities for attackers. Variola said rising security costs are putting greater pressure on small teams and could deepen centralization during the response process. At the same time, Variola added AI agents could still be useful for portfolio construction and trading decisions.