The Quantum Bitcoin Summit was held during July. This is a summit presented by Pressido Bitcoin, a collection of industry experts who talk about the dangers of quantum computing (QC) in Kryptography. According to a study by conference speakers Anthony Milton and Clara Sickelmann, 32.7% of the currency’s circular supply is vulnerable to long-range attacks by QC. This means that one-third of Bitcoin is exposed today.
This study reveals that the vulnerabilities generated by quantum computing, which can affect a third of circulating Bitcoin, are due to three conditions:
- Addresses using vulnerable scripts (P2PK and P2MS legacy).
- The exit was spent in Bitcoin cash, but not Bitcoin after being exposed to branching.
- Bitcoin deals with reuse, a practice of publishing public keys.
Data reveals that 29.4% of 1,000 addresses are increasing BTC They made public keys public through reusing addresses. These directions control 2.73 million BTC, so their vulnerabilities are the systemic risk of Bitcoin. Milton and Shekelman also point out that there is a worrying pattern. The directions associated with exchanges listed in that top 1,000 tend to reuse addresses.
For analysts, vulnerabilities resulting from address reuse are the most common; Although it is the most preventable of all.
We emphasize that reuse of directions is a completely avoidable risk, unlike inherently vulnerable types of scripts and branching exposure, so that they can be significantly reduced today through behavioral change and established best practices.
Anthony Milton and Clara Sickelman, researchers.
Analysts have made it clear that all Bitcoin spending funds are almost exclusively vulnerable to Quantum, as they currently use digital companies based on elliptic curve encryption (ECC). but, They make it clear that the conditions (32%) that affect one-third of Bitcoin today make them particularly vulnerable.
«All other funds are only vulnerable to short-range attacks, also known as attacks Front Running Or transaction-guided attacks. These can occur within a limited period of time when the transaction reveals previously hidden public keys during expenditure. This requires attackers with CRQC to derive their private key within a narrow period of time.”