Google Research Reveals Quantum Threats to Cryptocurrency Security
- A quantum computer could break the cryptography securing Bitcoin and Ethereum using fewer than 500,000 physical qubits.
- The number of qubits needed for breaking the ECDLP-256 problem has been reduced by a factor of twenty.
- A quantum attack could theoretically crack a Bitcoin private key in as little as nine minutes during an “on-spend attack.”
- The top 1,000 exposed Ethereum accounts, holding approximately 20.5 million ETH, could be compromised within nine days.
- Google recommends transitioning to post-quantum cryptography (PQC) before real threats emerge, setting a deadline for migration by 2029.
This research highlights significant vulnerabilities in existing cryptocurrency security protocols due to advancements in quantum computing technology. The findings indicate that both Bitcoin and Ethereum are at risk from potential quantum attacks if proactive measures are not taken.
With the possibility of cracking Bitcoin’s private key in just nine minutes, the urgency for adopting PQC is underscored by Google’s recommendations and deadlines. (Source)
