EU Warns Quantum Computers Threaten Billions in Blockchain Assets
European financial authorities have sounded the alarm on the potential threat posed by quantum computers to blockchain cryptography. According to a recent report from Cryptoquant, approximately 6.9 million Bitcoin, valued at around $586 billion, could be vulnerable if the technology advances far enough.
The European Commission's post-quantum roadmap requires member states to begin transitioning away from cryptographic systems that are susceptible to quantum computer attacks by the end of 2026. By 2030, high-risk cases must be protected.
The report warns that a sufficiently powerful quantum computer could use information already visible on the blockchain to derive private keys and take control of funds. This type of attack is known as 'harvest now, decrypt later.'