Solana Foundation CISO: AI and Deepfake Scams Now a Bigger Threat Than Smart Contract Bugs The cryptocurrency industry's biggest security threat is rapidly shifting from technical vulnerabilities in smart contracts to "social engineering attacks" that deceive people, according to a stark warning. As artificial intelligence and deepfake technology become more sophisticated, fake identities and AI-powered scams are surging, making the construction of multi-layered security systems an urgent priority. According to CoinDesk on the 1st, Michael Coates, Chief Information Security Officer at the Solana Foundation, said in an interview, "A significant number of major security incidents in recent months originated not from smart contract vulnerabilities, but from more sophisticated breaches involving fake identities and AI-driven scams." He added, "These types of threats will be the core challenge for blockchain security going forward." Coates previously served as CISO of Twitter and led security at Mozilla during the browser wars. Having joined the Solana Foundation earlier this year, he is responsible for introducing robust security practices across the Solana ecosystem's projects, as well as the foundation's own security, and for discussing cybersecurity standards with regulatory authorities. He emphasized that while cryptocurrency hacks garner attention for large-scale fund theft, they often stem from operational security failures or vulnerabilities in the Web2 domain rather than flaws in the blockchain itself. "Attackers are highly motivated by the ability to irreversibly drain funds and will exploit any mistake," Coates said. "Web3 companies must implement all the security measures that Web2 companies need, with the addition of threats unique to Web3." He repeatedly stressed the dangers of AI-assisted social engineering hacks. Social engineering techniques involve approaching victims to steal critical information such as private keys or seed phrases, rather than technically hacking the blockchain. Prime examples include romance scams, commonly known as "pig butchering" schemes. "With advances in