Quantum Attacks on Cryptocurrencies May Be Impossible to Detect

Quantum computing poses a significant threat to cryptocurrencies, but experts warn that its first real-world impact may not be as dramatic as predicted. According to Christopher Smith, CEO and co-founder of Quantus Network, the first quantum-enabled attacks could be difficult to detect because they can mimic ordinary breaches.

Smith explains that attackers could use quantum computers to derive private keys from public information on-chain, without compromising wallets or exchanges. This means that investigators would have scarce evidence beyond the fact that no meaningful breach was detected.

The compromised pathway could avoid triggering obvious internal security failures in wallets or exchanges, leaving researchers with a challenging task of attributing the attack to quantum capabilities.

Smith notes that the earliest high-value targets may not be famous coins like Satoshi Nakamoto's Bitcoin, but rather strategic assets such as military systems and state secrets. In the crypto ecosystem, he points to Tether's minting key as a potential target for quantum attackers.

Cheetham, a security researcher from Blockchain Capital, agrees that attackers might prioritize hot wallets at exchanges because they are less likely to raise alarms quickly. Smith adds that attackers could disguise quantum thefts by using plausible, deniable explanations, making it even harder to detect.