Quantum Threat to Bitcoin: Analysis of 6.26 Million BTC Vulnerability

Glassnode research has identified significant security risks for Bitcoin in the context of advancing quantum computing. More than 6.26 million BTC, equivalent to $515 billion, are potentially vulnerable to attacks using quantum computers.

The core issue is that the public keys of many addresses have already been exposed on the blockchain. This creates a risk that future attackers could access funds if quantum technology reaches sufficient processing power.

Analysis shows that 31.2% of all Bitcoin is held at addresses with exposed public keys. Among these coins, approximately 1.1 million BTC belong to network creator Satoshi Nakamoto, whose wallets have been inactive for years but remain visible.

A significant portion of the vulnerable funds is stored in centralized crypto exchanges and investment funds. The share of coins with exposed keys varies depending on the asset storage platform.

• Binance: 83% of stored BTC have exposed keys
• Bitfinex: 100% of stored BTC have exposed keys
• Coinbase: 10% of stored BTC have exposed keys
• Robinhood: 100% of stored BTC have exposed keys
• Revolut: 99% of stored BTC have exposed keys
• Grayscale: 49% of stored BTC have exposed keys
• Fidelity: only 2% of stored BTC have exposed keys

The trend of increasing addresses with exposed keys has been observed for several years. In early 2021, this figure stood at 24.8%, whereas now it has risen to 31.2%. This is due to many users continuing to use old addresses or transferring funds to new public addresses without first generating fresh ones.