Ethereum · Bitcoin · Tether · The Block
Once an address signs a transaction, its public key can become visible
Compiled by KHAO Editorial — aggregated from 2 sources. See llms.txt for citation guidance.
✓ KHAO Verified
Drake called on Binance, Bitbank, Robinhood, Bitfinex and Tether to consider stronger protection for their cold storage.
Key facts
- He pointed to around 20,000 exposed addresses linked to Bitcoin creator Satoshi Nakamoto that each hold 50 BTC
- For wallets holding less than 50 BTC, Drake said there is some protection from what he called "Satoshi's shield
- The Funding newsletter: Stay on top of the latest crypto VC funding and M&A deals, news, and trends with their free bi-monthly newsletter, The Funding
- Justin Drake, a researcher at the Ethereum Foundation, has called on the blockchain industry to start planning for what he described as "bunker mode
Summary
Justin Drake, a researcher at the Ethereum Foundation, has called on the blockchain industry to start planning for what he described as "bunker mode. Drake said this is his personal recommendation and did not say that existing cryptography has already been broken. Drake's concern is that the Elliptic Curve Digital Signature Algorithm, or ECDSA, could potentially be broken before "q-day," when quantum computers become powerful enough to break widely used public-key cryptography. Bitcoin and Ethereum use ECDSA to confirm that transactions were approved by the correct private key holder. Drake said it is now reasonable to prepare for this possibility, with the worst case potentially coming in "months not years.