In brief
- Mitchell Amador, CEO of Immunefi, told Decrypt at Token2049 in Singapore that AI tools once limited to security firms are now accessible to groups like Lazarus, enabling massive attacks.
- Bug bounties have paid out over $100 million but have “hit the limits” as there aren’t “enough eyeballs” to provide necessary coverage, he said
- The $1.4 billion Bybit hack bypassed smart contract security by compromising infrastructure, exposing gaps where defenders are “not doing so hot,” Amador said.
AI has handed crypto attackers the same tools defenders use, and the results are costing the industry billions, experts say.
Mitchell Amador, CEO of Immunefi, told Decrypt during the start of Token2049 week in Singapore that AI has turned vulnerability discovery into near-instant exploitation, and that the advanced auditing tools his firm built are no longer exclusive to the good guys.
“If we have that, can the North Korean Lazarus group build similar tooling? Can Russian Ukrainian hacker groups build similar such tooling?” Amador asked. “The answer is that they can.”
Immunefi’s AI auditing agent outperforms the vast majority of traditional auditing firms
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Author: Vismaya V
