😱 What if Q-day were today? ("Quantum Apocalypse")
😱 If “Q-day” occurred today, your cryptocurrencies on exchanges would be in serious danger. Why? Because “Q-day” — the hypothetical day when a sufficiently powerful quantum computer manages to break current cryptographic algorithms — could allow an attacker to decipher private keys from public ones. And that puts millions of BTC stored on exchanges at risk.
🧨 What is at risk?
More than 6.6 million of #BTC (over 761 billion dollars!) are exposed to quantum attacks.
Exchanges like Binance, Robinhood, OKX, and Bitfinex store large amounts of BTC in vulnerable addresses:
#Binance : ~250,000 BTC in P2SH addresses
Robinhood: ~140,574 BTC in P2WPKH
Bitfinex: ~130,010 BTC in P2WSH
🔓 Why are they vulnerable?
Address reuse: many exchanges use the same public address for multiple transactions, making it easier for a quantum attacker to deduce the private key once the encryption becomes vulnerable.
Shor's algorithm: this quantum algorithm could break Bitcoin and other crypto encryption if run on a sufficiently powerful quantum machine.
🛡️ What can you do?
Avoid leaving your funds on exchanges: especially if they do not offer quantum protection.
Use wallets with non-reused addresses and that implement advanced security schemes.
Stay informed about developments in post-quantum cryptography.