AI Accelerates Quantum Computing Threat, Challenging Crypto’s Security Defenses

Blockchains such as Bitcoin and Ethereum rely on elliptic-curve cryptography to protect private keys. A sufficiently powerful quantum computer using Shor’s algorithm could potentially break public-key cryptography and steal assets. The U.S. National Institute of Standards and Technology (NIST) released its first post-quantum cryptography standards on August 13, 2024, underscoring that migration is not an issue confined to any single cryptocurrency.

Recent reports cited security experts warning that AI is aiding quantum hardware design, error correction and algorithm research, potentially shortening the time blockchains have to prepare their defenses. There is currently no quantifiable amount of assets at risk or confirmed date by which such systems could be compromised. The industry must begin assessing exposed wallets, testing post-quantum signatures, and planning timelines for hard forks and asset migration.