Europol has released two reports highlighting the vulnerability of cryptocurrency wallets to future quantum computing threats. The agency identifies wallets as the primary point of exposure, noting that powerful quantum computers could potentially derive private keys from public keys, allowing unauthorized access to funds.
Data from Glassnode indicates that 6.04 million BTC, representing 30.2% of the total supply, already have exposed public keys. For these assets, the report suggests pre-emptive migration to new wallets. However, implementing quantum-resistant signatures poses technical challenges, as they are 10 to 120 times larger than current ECDSA signatures, which could increase fees and slow network confirmations.
Industry players are beginning to respond to these risks. In July, a group of nine firms, including BlackRock and Coinbase, pledged $15 million over three years for Bitcoin security research. Additionally, companies like Ripple and the Stellar Development Foundation have already published migration roadmaps to address potential quantum vulnerabilities.
The second report addresses the 'Harvest Now, Decrypt Later' tactic, where encrypted data is collected for future decryption. While there is no evidence of large-scale exploitation, the EU's NIS Cooperation Group has advised member states to adopt post-quantum migration strategies by the end of 2026. Meanwhile, NIST aims to phase out common public-key configurations by 2030.
