Experts Say Fears of AI-Driven DeFi Hacking Disaster Are Overblown

Fears are growing that artificial intelligence could accelerate hacks in decentralized finance, or DeFi, but some industry experts say labeling the threat a hacking disaster is overstated.

Cointelegraph reported on July 23 that Dragonfly Managing Partner Haseeb Qureshi called concerns over a broad DeFi hacking wave misguided. He said monthly hack-related losses this year, as well as average annual losses, are trending lower even when including the major hacking incident in April.

Stephen Ajayi, senior offensive security engineer at blockchain security firm Hacken, said the main causes of Web3 losses are compromised keys, infrastructure vulnerabilities and user error. He added that claims AI is driving a hacking disaster are exaggerated.