The risks representing the malicious use of quantum computing for global cybersecurity are a potential mystery. It is unknown when the power of that effect will come. There is little certainty, and this is one: “Q-Day” That happened today, cryptocurrency exchanges would risk bankruptcy. This is demonstrated by the Bitcoin-Risq-List project Eleven site.
he “Q-Day”or “Quantum Day”, it’s a hypothetical moment when an evil actor with a Quantum computer You can break encryption algorithms such as those used in Bitcoin, traditional banks, and other digital security systems.
In this scenario, funds saved by exchanges They could be vulnerable In attacks that use Shor’s quantum algorithm to decrypt encryption keys that protect users’ assets.
According to Project Eleven, exchanges such as Binance, Robinhood, Okx, Bitfinex are keeping a significant amount of Bitcoin in cold wallets associated with potentially vulnerable directions.
The most notable case is the cold coin of Binance. Concentrates almost 250,000 BTC P2SH type address (Pay Script Hash). Robinhood accumulates 140,574 BTC in the direction of the P2WPKH type (public key witness payment).
OKX also stands out at 44,570 BTC on P2SH and Bitfinex, with 130,010 BTC on P2WSH (Payment HSHRPT Witness).
In total, the source is over 6.6 million btc, Over $761 billionThey are at risk of quantum attacks due to the type of address they use, or due to the reuse of addresses that leave (UTXO).
What are the reasons why these orientations are vulnerable to quantum?
The main reasons for the vulnerability are relevant Reuse directions in cold walletsnormal practice in intensive exchange.
Address reuse means that the exchange performs many transactions from wallets associated with a single public orientation, Encourage quantum attackers to estimate private keys If current encryption becomes vulnerable.
Algorithms such as SHOR take into account the large number of used in P2SH, P2WPKH, and P2WSH, and will disclose the funds if no measures such as after chartography have been taken. At the time, cryptocurrency exchanges should move coins to new 2PKH, P2WPKH, P2SH, or P2WSH earlier than afterwards, and avoid using BTC output.
However, this creates other issues, such as lack of transparency in reserve tests. This is not often seen by users or regulators. At the same time, it can cause liquidity issues, but exchanges require constant capital rotation to meet the user’s buying and selling demands.
No one knows when it arrives “Q-Day” Cryptonotics reported the opinions of experts and experts.
For example, Blockstream Co founder Adam Back estimates that it will occur in “10 or 20 years.”
Ignacio Hagopian, developer of Ethereum Foundation (EF), suggests that various analysts are looking at it even closer.
In addition to temporary estimation, another obstacle facing potential quantum malignant actors is Financial expenses It means a task of that size.