Solana Foundation's new CISO warns AI is making crypto scams more convincing

Michael Coates, the new chief information security officer (CISO) at the Solana Foundation, has highlighted that the most significant security threats in the cryptocurrency space are increasingly coming from AI-driven social engineering attacks and compromised credentials rather than traditional smart contract exploits. Coates pointed out that attackers are now shifting their focus from targeting blockchain protocols to exploiting human vulnerabilities, with recent crypto security incidents often arising from advanced compromises like fake identities and AI-generated scams.

Coates, who previously served as CISO at Twitter and led security efforts at Mozilla, emphasized that many major crypto hacks originate from operational security lapses linked to Web2 security issues rather than flaws within blockchain code itself. He warned that advances in artificial intelligence will exacerbate social engineering attacks, including highly convincing deepfakes and spoofed communications, making scams more scalable and harder to detect.

To counter these evolving threats, Coates advocates for stronger security systems that protect users by default, recognizing that no one can be completely immune to sophisticated scams. He suggests organizations implement multiple layers of security controls that can provide backup protection if an individual falls victim to a con. Additionally, Coates discussed the longer-term challenge posed by quantum computing, noting that the Solana Foundation is actively evaluating post-quantum cryptographic solutions despite the uncertainty over when quantum threats will materialize.

Ultimately, Coates stressed that the future success of crypto security hinges on designing systems that “meet users where they are” instead of expecting users to act as security experts, thereby making secure decision-making the default to better safeguard users against both AI-driven exploits and emerging quantum threats.