Europol Urges Phased Shift to Post-Quantum Crypto Security
Europol warns that future quantum computers could expose cryptocurrency wallets by deriving private keys from public keys, urging early adoption of post-quantum security standards.
Update (Oct 7, 14:13 UTC): Europol has called for a phased shift to post-quantum security measures to protect vulnerable cryptographic wallets from emerging quantum computing threats.
Europol has published two reports examining how future quantum computing developments could threaten cryptocurrency wallets and long-lived encrypted data. According to CryptoNews, the law enforcement agency urged the crypto industry to begin security preparations well before practical quantum attacks become possible.
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Wallet Vulnerabilities and Standards
Europol identified wallet authorization keys as the primary point of exposure in blockchain systems. While cryptographic hash functions remain comparatively resistant, a sufficiently capable quantum computer could theoretically use an exposed public key to calculate its corresponding private key, allowing attackers to sign unauthorized transactions.
In response to these emerging risks, the U.S. National Institute of Standards and Technology finalized post-quantum standards in August 2024, including FIPS 203, FIPS 204, and FIPS 205. Organizations are urged to begin migrating toward quantum-resistant systems ahead of NIST's planned deprecation of vulnerable algorithms by 2035.
Industry Preparations
Crypto custodians and blockchain developers have already initiated testing for post-quantum systems. BitGo and Silence Laboratories tested post-quantum multiparty computation signing using ML-DSA, while BitGo added tools for measuring public-key exposure and output consolidation for institutional Bitcoin wallets. Coinbase is designing infrastructure to support various post-quantum signature schemes, and Sui plans optional quantum-safe authentication targeting mainnet in 2027.
Key facts
- Europol published two reports on Oct. 7 regarding quantum computing risks to digital assets.
- NIST finalized post-quantum standards FIPS 203, FIPS 204, and FIPS 205 in August 2024.
- BitGo tested post-quantum multiparty computation signing using ML-DSA.
- Sui targets native post-quantum accounts for its mainnet in 2027.
Source: crypto.news
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