Google slashes quantum cracking estimates by 20X creating $600 billion countdown for Bitcoin and Ethereum

A recent paper from Google Quantum AI dramatically lowers the estimated hardware requirements for breaking the elliptic-curve cryptography used by Bitcoin and Ethereum. The research suggests that cracking these systems could require as few as 1,200 logical qubits, a 20-fold reduction from previous estimates. This poses a potential risk to over $600 billion in Bitcoin, Ethereum, and stablecoins. For Bitcoin, the threat involves both 'on-spend' attacks during transactions and vulnerabilities in older, exposed coins, with approximately $444 billion in BTC potentially at risk. Ethereum faces threats to long-lived accounts, validators, and tokenized assets, potentially exposing $200 billion in stablecoins and tokenized real-world assets. The paper emphasizes the need for a swift migration to post-quantum cryptography, highlighting that the industry cannot afford to wait for definitive proof of a quantum threat.

(Source：CryptoSlate)