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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The Trump administration released its 'Cyber Strategy for America' on March 7, 2026, explicitly supporting the security of cryptocurrencies and blockchain technologies for the first time. It positions blockchain alongside AI and quantum computing as critical to U.S. technological leadership, aligning with President Trump's pro-crypto policies.
A new report warns that adversaries are harvesting encrypted data today for future decryption using quantum computers, posing trillions in economic risks to banks. The Citi Institute estimates a single such attack could jeopardize $2 trillion to $3.3 trillion of U.S. GDP. Financial institutions must accelerate post-quantum preparations amid rising cyberattacks.
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Zcash announced plans to introduce quantum-recoverable wallets within a month and achieve full post-quantum security by 2027. The privacy-focused cryptocurrency also outlined scaling upgrades during an event in Miami.
Threat actors are mailing physical letters impersonating Trezor and Ledger to trick cryptocurrency hardware wallet users into revealing recovery phrases. The letters create urgency by claiming mandatory checks are required to avoid losing wallet access. Victims scanning included QR codes are directed to phishing sites that steal their wallet information.
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Citigroup plans to launch institutional bitcoin custody later this year, integrating it into traditional banking frameworks. Morgan Stanley has applied for a national trust charter to support crypto trading for its clients and is advancing spot trading on E*TRADE. These moves reflect growing institutional demand for digital assets within regulated systems.