Quantum attacks may initially manifest as untraceable wallet thefts, with Tether minting keys potentially becoming high-value targets
Christopher Smith, founder of the blockchain startup Quantus, stated that the first quantum attack may manifest as a series of unexplained thefts of cryptocurrency wallets, rather than directly stealing the approximately $63 billion worth of dormant Bitcoin expected from Satoshi Nakamoto. He pointed out that sufficiently powerful quantum computers could derive private keys from public keys exposed on the blockchain, allowing attackers to transfer funds without needing to breach wallets, devices, or internal systems of exchanges.In theft incidents at highly secure institutions, the only forensic evidence may be the absence of intrusion traces. Smith indicated that the initial targets of quantum attacks could be military systems and national secrets; in the blockchain space, the minting keys of stablecoin issuer Tether may be of greater value. Attackers could mint tokens out of thin air through managed wallets and sell them off before the issuer responds. Google has accelerated its post-quantum migration timeline to 2029; Smith believes the probability of quantum computers breaking modern cryptography around 2028 is "50-50." Relevant blockchains have begun migrating to post-quantum signatures.
