“If You Think Crypto Security Is a Tech Problem, You’re Missing the Point,” Says Phemex CEO Federico Variola

Federico Variola, CEO of Phemex, asserts that the core challenge in cryptocurrency security is human behavior and social engineering, rather than technical vulnerabilities like smart contract bugs. He notes that as the value in crypto grows, attackers are incentivized, and their capabilities, often enhanced by AI, frequently outpace protective measures, especially during bull runs where users are pressured to take security shortcuts.

Variola emphasizes that identity verification is becoming harder, and sophisticated social attacks—including deepfakes and impersonation—are highly effective because they exploit trust and urgency. He stresses that exchanges must introduce necessary friction to protect funds, even if it conflicts with user demands for speed. Furthermore, Phemex's own security incident taught them that phishing targets all levels of an organization, not just executives, requiring every employee to be security-aware.

Looking forward, Variola believes decentralization distributes risk but doesn't eliminate it, while AI will likely remain a greater advantage for attackers. He concludes that the industry must mature by focusing on managing the inherent human element of trust within systems designed to minimize it.

(Source：BeInCrypto)