Quantum Computers May Crack Bitcoin and Ethereum Encryption: Study Reveals Vulnerability
A new study by Google Quantum AI has cast doubt on the security of Bitcoin and Ethereum's elliptic-curve cryptography. Researchers estimate that around 1,200-1,450 logical qubits could be enough to break this type of encryption, putting about 6.9 million BTC and millions of ETH held behind public keys at risk of theft.
The study's findings suggest that these cryptocurrencies may not be as secure as previously thought, with experts warning that quantum computers could potentially compromise their cryptographic systems.
To mitigate this risk, experts are urging careful preparation for the migration to quantum-resistant cryptography. Proposed solutions include hash-based signatures and on-chain cryptographic proofs to secure ownership post-quantum threats.