Coinbase's Independent Advisory Board on Quantum Computing and Blockchain released a report on June 11 urging the crypto industry to begin migrating Bitcoin, Ethereum, and other networks to quantum-safe cryptography immediately. The council argued that uncertain timelines for quantum threats are no reason to delay the technical work, which will require years of coordination across decentralised networks. The board estimated that roughly 7 million Bitcoins sit in addresses with exposed public keys, including coins linked to Satoshi Nakamoto and wallets whose owners lost their keys, making them vulnerable to future quantum attacks.
The council is an independent body Coinbase established in January. Its members are drawn from Stanford University, the University of Texas at Austin, Bar-Ilan University, the Ethereum Foundation, Eigen Labs, and UC Santa Barbara, where professor and ACM Fellow Dahlia Malkhi co-authored the report.
Council Identifies 7 Million Bitcoin in Vulnerable Addresses
The board estimated that roughly 7 million Bitcoins sit in addresses with exposed public keys or reused addresses, the category most vulnerable to a future quantum attack. Many of those coins are believed to belong to Satoshi Nakamoto or to wallets whose owners long ago lost their keys.
No quantum computer can break blockchain cryptography right now. The report stated that the crypto community needs to start preparing now rather than debating exactly when the threat will arrive.
Advisory Board Cites 2030 Timeline and Calls for Immediate Action
Research cited by the council warned that a cryptographically relevant quantum computer capable of cracking elliptic-curve signatures is likely to arrive by 2030 or earlier, though no firm date exists. The council argued that the technical migration to post-quantum security will take years of coordination across decentralised networks and should not wait for consensus on the industry's hardest open questions.
Report Outlines Three Competing Approaches to Unmigrated Coins
The report laid out three competing approaches to handling crypto in addresses whose owners never migrate: freezing or burning vulnerable coins after a deadline, doing nothing and leaving the choice to users, or middle-ground measures such as limiting how many vulnerable coins can move per block or accepting special cryptographic proofs in place of legacy signatures. The board flagged this as an unresolved debate in the industry.
FAQ
What did Coinbase's quantum advisory council announce on June 11?
Coinbase's Independent Advisory Board on Quantum Computing and Blockchain released a report on June 11 urging the crypto industry to begin migrating Bitcoin, Ethereum, and other networks to quantum-safe cryptography immediately, arguing that uncertain timelines are no reason to delay the work.
How many Bitcoins are vulnerable to quantum attacks according to the council?
The board estimated that roughly 7 million Bitcoins sit in addresses with exposed public keys or reused addresses, including coins linked to Satoshi Nakamoto and wallets whose owners lost their keys, making them the category most vulnerable to a future quantum attack.
What approaches did the report outline for handling unmigrated coins?
The report laid out three competing approaches: freezing or burning vulnerable coins after a deadline, doing nothing and leaving the choice to users, or middle-ground measures such as limiting how many vulnerable coins can move per block or accepting special cryptographic proofs in place of legacy signatures.
