Bitcoin exposed to quantum-computer hacking; 6.5 million coins, about a third of the supply, left defenseless

“About 6.5 million coins are at risk. That means they can be hacked with quantum computers.”
Chris Tam, president and chief innovation officer of BTQ Technologies (pictured), summarized the current state of Bitcoin security in an interview with Financial News on the 19th. Nearly one-third of the total circulating supply is defenseless against quantum computers. BTQ Technologies is an advanced technology company that develops quantum security solutions to prepare for security threats in the age of quantum computers.
Asked why now, given that quantum computers have yet to materialize, he replied that it was a matter of speed, not timing. “Bitcoin is historically a slow network. There has been no change,” he said, emphasizing that “overcoming the quantum threat requires major change, but what needs to change is the community, not the network.”
He added that the very fact that no one knows when they will emerge is reason enough. “If we don’t prepare in advance, we’ll have to replace all the infrastructure later,” Tam said. “If security isn’t robust, we’re bound to feel uneasy, just as we do about personal information.”
The 6.5 million bitcoins in question had an unusual characteristic. “Most have never been moved, so they’re called ‘Satoshi coins,’” Tam explained. “These coins are exposed to hacking by quantum computers.” He said the security method cannot be changed unless their owners come forward. He described this as “something the community will inevitably have to face someday.”
The U.S. government has also begun to act. Tam said that “the U.S. announced global crypto standards and mandated them for government agencies,” adding that “their ripple effects will now extend to companies.”
He gave a favorable assessment of Korea’s crypto security. “Korea was faster than China in dealing with standards, and while other countries were losing the initiative to the U.S., Korea did not,” Tam said. “Companies like Samsung and SK hynix know how to approach and handle these issues. I think that’s in Korea’s DNA.”
He identified key management as the first thing financial firms and virtual-asset service providers should review. “They should start by checking which keys they use for security,” he said. “This is especially important for custodians, since they handle a lot of other people’s money.” He also laid out the steps. First, they need to conduct a “crypto inventory”—making a list of which cryptographic methods they use and where. Next, they need to find a partner to handle the transition.
On the cost burden, he said, “Cost isn’t the issue. Planning is what matters.” He added that “new infrastructure will be needed anyway because the government will mandate it, and costs need to be handled efficiently through planning.”
He said users would notice almost no change. “People don’t understand the backend. All that matters is how easily and quickly they can use it,” Chris Tam said, emphasizing that “the way people use the product won’t change. Only the cryptographic technology used behind the scenes will. If we do our job well, that will give users a sense of security.”
[email protected] Han Young-jun, Kim Hyung-min Reporter