Quantum computing is a field of computing that uses principles of quantum mechanics to perform calculations far more efficiently than classical computers for certain tasks. Unlike traditional bits, quantum bits (qubits) can exist in multiple states simultaneously, enabling parallel computation. In the crypto context, quantum computing has the potential to challenge current cryptographic methods that secure blockchain networks. Researchers are exploring quantum-resistant algorithms to protect digital assets against future quantum attacks. Quantum computing may influence security standards and the long-term safety of blockchain systems.
Coinbase has formed an independent advisory board of cryptography and quantum experts to evaluate long-term risks that quantum computing could pose to Bitcoin and blockchain security.
Hundreds of crypto wallets across EVM-compatible chains have been drained in an ongoing attack, with investigators yet to identify the root cause or point of compromise.