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Adam Back said advances in artificial intelligence could increase the risk of hacking in crypto.
He said the answer is to store Bitcoin in cold storage (cold wallets) rather than in internet-connected wallets.
Blockstream said it launched an institutional digital-asset custody solution based on dedicated security hardware with Thales.
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Blockstream Chief Executive Officer Adam Back said advances in artificial intelligence could increase the risk of cryptocurrency hacks and stressed the importance of offline storage.
Cointelegraph reported on November 14 that Back said AI can help attackers identify small implementation flaws in existing security systems that were previously hard to detect. Rather than relying on complex security solutions, he said, the answer is to keep Bitcoin in cold storage, or a cold wallet.
He specifically cited Binance’s recent roughly $6.3 billion hack to underscore the risks of internet-connected cryptocurrency custody systems.
Even if firewalls are installed, equipment connected to the internet remains exposed to unauthorized access, Back said. Hackers can penetrate internal networks or access unauthorized accounts, he added.
Blockstream also launched an institutional digital-asset custody solution developed jointly with French technology company Thales on November 14. The product is designed to process transaction signing inside dedicated security hardware, aiming to reduce the risk of external intrusion.
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