Millions of Bitcoin at Risk: Coinbase Report Sounds Alarm on Future Quantum Exposures

Coinbase's Quantum Advisory Council has released a report outlining potential risks to Bitcoin's security in the future. The report estimates that around 7 million BTC may face some form of quantum exposure, including approximately 1.7 million BTC tied to legacy P2PK addresses and about 5 million BTC due to address reuse.

The report focuses on long-term planning for a world where powerful quantum computers may one day threaten public-key cryptography used in Bitcoin today. It does not suggest that current security is compromised or that any migration has been approved.

According to the report, possible mitigations include migration deadlines, tools based on zero-knowledge proofs like BIP-361, and mechanisms such as an 'Hourglass' withdrawal rate limiter. These ideas aim to help the network plan for a transition without causing unnecessary panic or controversy.