Deloitte Warns That $28.5 Billion Worth of Bitcoin Is Susceptible To Quantum Attack

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According to the report, about 4 million Bitcoin currently held in several “pay to public key” (p2pk) addresses are very vulnerable to a quantum attack. Deloitte explains that this is because the public keys to the account are available on the ledger. The p2pk is an old address standard and was used before the newer “pay to a public key hash” (p2pkh) was released, which now only shows the address when a transaction is initiated. The report notes that “since all transactions in Bitcoin are public, anyone can obtain the public key from any p2pk address.” It then adds that:

“A quantum computer running Shor’s algorithm could then be used to derive the private key from this address. This would allow an adversary who has a quantum computer to spend the coins that the address had.”

Back in September, Deloitte announced it has begun allowing its staff to pay for meals using Bitcoin.

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