Citi warns: Quantum computing is accelerating the threat to Bitcoin! Over 6 million BTC face the risk of being "hacked"

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Is Satoshi Nakamoto's wallet in danger? Wall Street giant Citi has released a new report warning that the rapid development of quantum computing is causing the "doomsday clock" for cryptocurrencies to tick faster. Bitcoin, in particular, has been singled out as the "most vulnerable asset" due to its slow upgrade pace, with up to one-third of the total BTC supply (worth approximately $450 billion) currently at risk of quantum decryption due to exposed public keys. Hackers are even adopting a "harvest now, decrypt later" strategy to hoard data. (Previous coverage: Binance BSC successfully implements quantum-resistant upgrade: seamless compatibility with existing wallet addresses, but "data explosion" becomes the biggest nightmare for scaling) (Background: Saving Satoshi Nakamoto's 1.1 million BTC! Paradigm proposes new quantum-resistant solution "PACTs," allowing proof of asset control without transfers) As tech giants continue to make breakthroughs in the quantum field, this future technology, capable of overturning existing cryptography, is gradually becoming a Sword of Damocles hanging over the cryptocurrency market. In a recently released report, Wall Street investment bank Citi issued a stern warning that the accelerated development of quantum computing technology is significantly compressing the "timeline" for risks facing cryptocurrencies and the broader internet infrastructure. Among them, the king of cryptocurrencies, Bitcoin (BTC), is seen as the most vulnerable target. Why is Bitcoin bearing the brunt? Slow upgrades and exposed public keys Citi analyst Alex Saunders pointed out in the report: "While large-scale quantum attacks remain a medium-term concern, the pace of technological advancement has shortened this timeframe, making it worthy of close attention from investors." Quantum computing is a long-term nightmare for cryptocurrencies because a sufficiently powerful quantum computer could crack the traditional cryptographic systems protecting wallets and blockchains (especially the ECDSA elliptic curve digital signature algorithm widely used by Bitcoin and Ethereum) in a very short time. Once cracked, attackers could reverse-engineer "private keys" from exposed "public keys," thereby forging transactions and stealing funds. Saunders specifically named Bitcoin as facing an "outsized threat," mainly due to: - Conservative governance model: The Bitcoin community is extremely cautious about protocol updates, which leads to a much slower upgrade and response speed compared to other public chains. - Heavy historical baggage: There are a large number of dormant wallets with exposed public keys on the chain, as well as early P2PK (Pay-to-Public-Key) addresses. Most critically, it is widely believed that the wallet of Bitcoin's anonymous founder, Satoshi Nakamoto, is included among them. The report provides a staggering estimate: approximately 6.5 million to 6.9 million BTC are currently at quantum risk due to long-exposed public keys. This accounts for one-third of Bitcoin's total circulating supply, which, based on current prices, is worth as much as approximately $450 billion. "Harvest now, decrypt later" strategy and Ethereum's defensive advantage In addition to direct attacks, Citi also pointed out a potential crisis that is already happening — "harvest now, decrypt later." Hackers may currently be intercepting and storing encrypted data that cannot be cracked yet, waiting for future quantum computers to mature before decrypting and exploiting it. Compared to Bitcoin's sluggishness, analysts believe that Proof-of-Stake (PoS) networks like Ethereum are in a more favorable position to address quantum threats due to their ability to perform protocol upgrades more frequently and flexibly. However, if quantum systems become sufficiently advanced, the keys of Ethereum validators are also at risk of being compromised, which could disrupt network operations. Although the alarm has been sounded, Citi remains constructively optimistic about the long-term adaptability of the crypto market. The report emphasizes that the industry is actively developing "post-quantum cryptography," and the Bitcoin community is also paying attention to potential upgrade proposals including BIP-360 and BIP-361, which will be key solutions for cryptocurrencies to resist quantum supremacy.

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