Episode Details

Quantum Computing Threats to Crypto: Researchers Reveal Shocking Findings

A recent study by researchers has unveiled alarming news about the vulnerability of crypto, particularly Bitcoin and Ether wallets, to quantum computing attacks. The encryption on these wallets can now be broken with just ten thousand physical qubits, a significant reduction from the previously estimated hundreds of thousands. This development aligns with a new Google Quantum AI paper, which sets the threshold at under five hundred thousand qubits. Qubits, the building blocks of quantum machines, are similar to cores in a laptop chip and measure the systems raw scale. This discovery shortens the timeline for potential attacks, putting RSA encryption used in banks at around one hundred two thousand qubits and three months of computing time. Elliptic curve crypto in blockchains is even more at risk due to its use of smaller keys that quantum technology can easily crack. Approximately six point nine million Bitcoin is currently at risk, with funds in old or reused addresses being the most vulnerable. While the paper is from researchers associated with a quantum hardware firm called Oratomic, the trend is undeniable. Crypto must urgently develop quantum-proof upgrades to protect against these looming threats before they become affordable and accessible.

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