Crypto companies are updating their wallets to guard against potential quantum computing risks to major networks like Bitcoin and Ethereum.
Crypto firms are actively upgrading wallets to address the emerging threat from quantum computing. The effort aims to safeguard assets on networks including Bitcoin and Ethereum before any vulnerabilities arise. Gaps in current protections remain according to reports on the initiative.
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New analysis reveals that over 30 percent of Bitcoin's supply sits in wallets vulnerable to future quantum attacks, with exchanges holding a disproportionate share of the exposure. A startup has proposed a soft-fork solution to protect even dormant holdings, including Satoshi Nakamoto's estimated 1.1 million coins.
Andrew Gault warns that bitcoin faces a greater quantum threat from encrypted messages moving between institutions than from exposed wallet keys. He points to a harvest-now-decrypt-later strategy already in use by adversaries.
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A group of leading cryptographers convened by Coinbase has called for Bitcoin to begin preparing for potential quantum attacks, while refusing to take a stance on whether vulnerable coins should be frozen.
Two recent studies indicate quantum computers could crack elliptic curve cryptography—securing banks, internet traffic, and cryptocurrencies like Bitcoin—with far fewer qubits than previously estimated: around 10,000-30,000 for one approach or 500,000 for another. Researchers highlight rapid hardware progress, urging a shift to post-quantum standards.
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Ireland’s government has introduced measures to address risks from crypto assets. A new national risk assessment identifies crypto-asset misuse as one of the country’s top threats. The plan includes tighter checks on crypto funds.