Quantum computers threaten exposed private keys rather than blockchains, Europol warns
Europol warns that while quantum computers do not currently exist, they pose a future threat to the private keys securing cryptocurrency wallets. The agency recommends a phased transition to post-quantum cryptography to protect assets, noting that blockchain hash functions remain relatively secure.
Why it matters
This highlights a critical long-term security vulnerability for the crypto industry that could impact billions in assets if migration plans are not implemented.
Quantum computers capable of carrying out such attacks do not exist yet, and Europol did not predict when they will. However, the European Union’s law enforcement agency said “proactive adaptation, rather than systemic collapse, is the most likely outcome.”
Europol urged the industry to begin a phased transition now through wallet upgrades, post-quantum cryptography and coordination among developers, miners, exchanges and users.
Bitcoin researchers and institutions increasingly see 2029 as the point by which credible quantum-resistant migration plans need to be in place. IBM said in July that it expects quantum computing to generate significant commercial revenue in the next two to four three years.
A sufficiently powerful quantum computer could derive a private key from a public key and spend the associated funds, Europol’s European Cybercrime Center said in its Quantum Computing and Cryptocurrencies report.
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