The crypto industry has been grappling with the threat of quantum computing for some time now, but a new report from Project Eleven suggests that the timeline is closer than ever. According to the report, modern technology and recent hardware advancements could put billions of assets at risk within four years.
Project Eleven researchers warn that the lack of safety nets in blockchains makes them vulnerable to attacks. Unlike centralized organizations, which have fraud departments and other safeguards, blockchains rely on cryptography to secure transactions. However, quantum computers can break this cryptographic code, making the entire industry unprepared for a sudden change.
The report estimates that approximately 6.9 million BTC are at risk, while 65% of ETH could also be exposed. This is due to the slow-paced blockchain governance procedure, which makes it difficult to implement quantum-resistant cryptography in time.