OpenAI · Bitcoin · CryptoSlate
Europol confirms crypto’s quantum upgrade could take years and urges work to start now
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Europol, the EU’s law enforcement agency, is urging the cryptocurrency industry to begin preparing wallet and protocol upgrades for quantum threats, warning that a coordinated migration could take years.
Key facts
- Also known as "Akiba," Liam Wright is a reporter, podcast producer, and Editor-in-Chief at CryptoSlate
- CryptoSlate may use AI tools to support research, editing, and production workflows
- Europol’s European Cybercrime Centre (EC3) says quantum computers powerful and reliable enough to break the relevant cryptography do not yet exist, and their arrival remains uncertain
- The EC3 report separates the cryptography used to control funds from the hash functions supporting important aspects of blockchain integrity
Summary
01 Europol’s October 7 report urges early wallet and protocol preparation because coordinated quantum migration could take years. 02 Exposed public keys could enable future quantum theft, while blockchain hashes are comparatively resilient and capable machines do not yet exist. 03 Providers should test quantum-resistant wallets, and users should migrate as suitable wallets become available. The agency recommends a phased transition to quantum-resistant cryptography, designed to withstand attacks from quantum computers, with blockchain developers, wallet providers and users taking different parts of the work.