Europol Warns Crypto Wallets Are 'Primary Risk' for Quantum Attacks

What happened

Decrypt News Technology Europol Warns Crypto Wallets Are 'Primary Risk' for Quantum Attacks The EU police agency expects blockchains to adapt to the threat, while a second report weighs the risk of data stolen now and cracked later. Its cybercrime center found that wallet keys are the primary point of exposure, while the hash functions securing blockchains remain largely resistant to quantum attacks.

The EU police agency expects blockchains to adapt to the threat, while a second report weighs the risk of data stolen now and cracked later. In brief Europol, the European Union's law enforcement agency, published two reports Wednesday urging the crypto industry and policymakers to prepare now for quantum computing threats.

A study cited by Europol estimates that making every Bitcoin output quantum-safe would require at least 76 days of cumulative network downtime. EU law enforcement agency Europol published two reports Wednesday urging organizations, policymakers and the cryptocurrency industry to begin preparing now for quantum computers capable of breaking widely used encryption (scrambling data so only the holder of the key can read it).

Key facts

• Its cybercrime center — found: that wallet keys are the primary point of exposure, while the hash functions securing blockchains remain largely resistant to quantum attacks
• In brief Europol, the European Union's law enforcement agency, published two — reports: Wednesday urging the crypto industry and policymakers to prepare now for quantum computing threats
• EU law enforcement agency Europol published two — reports: Wednesday urging organizations, policymakers and the cryptocurrency industry to begin preparing now for quantum computers capable of breaking widely used encryption