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Europol urged the crypto industry to proactively overhaul its security systems, saying wallets are the most vulnerable part of cryptocurrency networks to quantum computing attacks, according to Decrypt.
Europol said wallets with public keys exposed on-chain cannot be protected once quantum computers can derive private keys from those exposed keys, meaning funds would need to be moved in advance. By contrast, hash functions used for blockchain linking and mining remain broadly secure, and Europol said quantum computing is unlikely to cause cryptocurrencies to collapse. Meanwhile, Glassnode estimated that as of May, 6.04 million BTC, or 30.2% of issued BTC, already had exposed public keys.