Crypto
⚡Google's quantum breakthrough threatens crypto's foundation
The Rundown: Google's Quantum AI team revealed that breaking Bitcoin's encryption requires only 500,000 qubits instead of 10 million, moving the quantum threat timeline from decades away to potentially 2029.
The details:
- ●Google and Ethereum Foundation research shows quantum computers need just 1,200-1,450 qubits to crack Bitcoin wallets in 9 minutes, down from previous estimates of 10 million qubits
- ●Satoshi Nakamoto's $70B Bitcoin stash uses vulnerable P2PK wallet format that exposes public keys on-chain and cannot be upgraded without private key access
- ●Approximately 6.9 million Bitcoin currently sit in vulnerable wallets that could be instantly compromised once quantum computers reach the threshold
- ●Security researcher Jameson Lopp proposed freezing vulnerable coins after a grace period, challenging the core crypto principle that private keys equal ownership
Why it matters: This represents an existential threat to cryptocurrency's foundational security model. Founders and investors in the crypto space need to urgently evaluate quantum-resistant security measures, as the timeline for this threat has accelerated from a distant future problem to a potential 2029 reality that could wipe out billions in value.
📰 Source: Multiple sources