{
  "id": 7725015,
  "title": "AI has been a ‘net negative’ for crypto: Phemex CEO",
  "url": "https://urgent.news/2026/09/16/ai-has-been-a-net-negative-for-crypto-phemex-ceo",
  "topic": "ai",
  "section": "AI",
  "published": "2026-09-16T06:38:48.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/ai-has-been-a-net-negative-for-crypto-phemex-ceo"
  },
  "original_language": "en",
  "account": "In a recent interview on Cointelegraph’s Chain Reaction, Phemex CEO Federico Variola stated that AI has been a \"net negative\" for the cryptocurrency industry. Variola cited several factors, including capital diversion, empowering attackers, and rising cybersecurity costs that could push the industry toward greater centralization. Despite Phemex announcing an AI-focused transformation earlier this year, Variola remains skeptical about AI's overall impact on crypto. He believes that AI has diverted capital away from the industry and empowered malicious actors, making it more vulnerable to exploits. Variola also warned that the AI threats could make self-custody and decentralized finance less appealing for retail users. While acknowledging AI's defensive potential, Variola emphasized that it will be up to the user to make final trading decisions, and he does not expect AI agents to replace human judgment entirely.",
  "summary": "Federico Variola says AI has diverted capital from crypto and is empowering attackers, while rising cybersecurity costs could push the industry toward greater centralization.",
  "key_points": [],
  "editors_take": "This assessment by the Phemex CEO suggests that the cryptocurrency industry may become more centralized as a result of AI's impact, potentially undermining the sector's core decentralized ethos.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}