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Former CEO of the cryptocurrency exchange Binance, Changpeng Zhao, urged against panic regarding quantum threats and proposed a potential course of action concerning Satoshi Nakamoto’s bitcoins to prevent them from falling into the hands of malicious actors in the event of a successful attack.
He stated that blockchains must eventually transition to post-quantum algorithms—more resilient cryptographic standards capable of withstanding the capabilities of quantum computers. Zhao pointed out that achieving consensus on such changes in a decentralized environment could be challenging, potentially leading to disagreements and the emergence of forks.
He further mentioned that some abandoned projects may not receive updates at all. In the short term, the implementation of new algorithms could also introduce additional risks and vulnerabilities, requiring users to transfer their funds to new wallets.
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“Some dead, abandoned projects may not update at all. It might be worth clearing these projects. In the short term, new code could lead to other bugs or security issues. Individuals holding their funds independently will need to move their coins to new wallets,” Zhao wrote.
Zhao also addressed the topic of bitcoins owned by Satoshi Nakamoto. In his view, if these coins have not been moved for over ten years, they could be locked or even “burned” to eliminate the risk of theft in the event of a hack. He emphasized that accurately identifying the addresses associated with Nakamoto remains difficult, as they can be confused with addresses of other early holders.
Additionally, Zhao noted that enhancing cryptography remains a key area of development: protecting data, according to him, is easier than decrypting it, and the increase in computational power makes the transition to new standards essential.
Previously, Zhao stated that the high transparency of blockchains could hinder their widespread adoption due to a lack of transaction privacy.
