Quantum Computers Will First Target Satoshi's Bitcoin (BTC) Holdings... "Public Keys Exposed, Posing Risk"

▲ Bitcoin (BTC), Quantum Computer/AI Generated Image

An analysis suggests that if future quantum computers attack the Bitcoin (BTC) network, the initial holdings of its founder, Satoshi Nakamoto, could become the primary target.

According to crypto media outlet CryptoPotato on September 21 (local time), Bitcoin security researcher Justin Drake pointed out the security vulnerability of Satoshi's holdings in an interview with analyst Denis Liu. Approximately 1 million BTC initially mined by Satoshi are distributed across about 20,000 wallet addresses, with 50 BTC each. Drake explained, "Early Bitcoin addresses remain in a raw public key state without undergoing a hashing step, making them all vulnerable."

In contrast, general investors' wallets are relatively secure because they contain the hash value of the public key, not the public key itself. The public key is only exposed on the blockchain when funds are transferred externally. Drake added, "If you send change to a new address with no prior transaction history when using Bitcoin and keep it there, the public key is not exposed, making it secure." He further explained that even the highest-performing quantum machines mentioned in recent research would take a considerable amount of physical time to decrypt cryptographic keys.

He cautioned against a hasty transition to quantum-resistant cryptography, which is currently under development. Drake warned that early upgrades could cause system bugs or become targets for fraudulent attacks impersonating wallet upgrades. Meanwhile, the Bitcoin development community is building countermeasures, such as testing quantum-resistant transactions on the mainnet using MARA Holdings' (MARA) SlipStream without changing consensus rules.

While various solutions, such as improvement proposal BIP-361 to freeze vulnerable addresses, are being discussed, there are also differing views on the actual scale of risk exposure. Analyst James Check estimated that the reliable exposed holdings from the Satoshi era amount to approximately 1.716 million BTC. He explained that if this entire amount were sold on the market, it could act as downward price pressure but would not lead to a catastrophic collapse.

[Article Key Summary]

-Satoshi Nakamoto's initial holdings of 1 million BTC have exposed public keys, making them a primary target for quantum computer attacks.

-The assets of general users are stored in hashed addresses and remain safe from quantum attacks if kept unused.

-A hasty transition to quantum resistance could lead to system flaws or fraud risks, requiring careful upgrades.

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