Is crypto security at risk? Google warns of 20x faster quantum threat

Security concerns around cryptocurrencies are intensifying after new research from Google warned that advances in quantum computing could undermine the cryptographic foundations securing billions in digital assets.

The report highlights how emerging quantum systems may soon be capable of breaking widely used encryption standards, raising fresh questions about the long-term resilience of blockchain networks such as Bitcoin and Ethereum.

Quantum threat puts crypto security at risk

The findings come at a critical time for the cryptocurrency industry, as institutional investors and governments increasingly embrace digital assets. Furthermore, a successful breach of cryptographic systems would leave wallets vulnerable to theft and undermine trust in blockchain infrastructure. As a result, this trust, which is based on the assumption of computational security, may be severely undermined.

Google’s research outlines a scenario where cryptographically relevant quantum computers (CRQCs) could decrypt both public and private keys. This would allow attackers to gain control of wallets and execute fraudulent transactions.

The report focuses on blockchains that use the industry standard 256-bit elliptic curve discrete logarithm problem (ECDLP-256). Furthermore, it estimates that a sufficiently advanced quantum system, with approximately 1,200 to 1,450 logical qubits and fewer than 500,000 physical qubits, could break this encryption in minutes. As a result, once such quantum capabilities are developed, the security of these blockchains could be jeopardized.

For context, such a system could compromise Bitcoin private keys in under nine minutes, faster than the network’s average block time. In Ethereum’s case, the same capability could enable attackers to access up to 1,000 wallets in roughly nine days. Google estimates that approximately 6.7 million Bitcoin addresses are currently among the most vulnerable.

In response to these risks, Google has set a 2029 target for transitioning toward post-quantum cryptographic standards. The shift would involve replacing existing encryption schemes with quantum-resistant alternatives across blockchain networks.

However, the transition is expected to be complex and time-intensive. It will require coordinated upgrades, changes to wallet infrastructure, and new policies addressing dormant or vulnerable addresses. This is particularly applicable to those addresses linked to lost private keys.

Additional mitigation measures include discouraging address reuse and identifying exposed wallets before quantum systems reach critical capability.

Projects that fail to adapt could face both technical and market consequences. Beyond the risk of exploitation, delayed upgrades may trigger declining valuations and increased fear, uncertainty, and doubt (FUD) among investors.

Data from Google Trends, at press time, indicates that Asian countries show the highest concern for “post-quantum cryptography,” with South Korea, China, and Singapore leading search interest.

Final Summary

• Google warns that advances in quantum computing could impact cryptocurrencies.
• The report suggests that digital assets may become vulnerable to hacks within minutes.