Michael Saylor warns: The crypto industry's new threat comes from AI-powered hackers, not flaws in Bitcoin itself

November 6 — According to BeInCrypto, in the wake of Binance's epic hack, Strategy co-founder and executive chairman Michael Saylor issued a stern warning to the industry at the OranjeBTC Summit.

Saylor warned that the biggest threat currently facing the crypto industry is not flaws in Bitcoin itself, but hackers who are arming themselves with artificial intelligence (AI).

He noted that today's most advanced AI models have significantly increased attackers' capabilities. The real risk lies in people using these AI tools to target new software that has not been adequately tested, was rushed to market, and has weak security.

Saylor stressed that Bitcoin itself is robust, but fragile, poorly built digital business software will eventually be compromised. He specifically noted that every new feature on Ethereum, Solana, or Cardano gives attackers a new point of entry.

In response, Saylor urged exchanges, banks, and custodians to use cutting-edge AI models every day to scan their systems and identify security vulnerabilities in advance.

The report also noted that Binance said the attack relied primarily on traditional phishing methods: the attackers used fake job offers to trick engineers into downloading malicious files, then used Binance's internal AI tools to take over the accounts of other employees.

Binance is now planning to expand the scope of its AI-driven threat detection, while India's cybersecurity agency warned on November 4 that AI-assisted hacker groups are stealing wallet keys from crypto exchanges.

Overall, Saylor's remarks sounded an alarm for the entire industry. As the double-edged effects of AI technology become increasingly apparent, the industry must keep its security measures up to date to counter the security arms race fueled by advances in cutting-edge AI models.

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