Europol warns of quantum computing threats to crypto wallets

Europol has issued a warning regarding the vulnerability of cryptocurrency wallets to future quantum computing attacks. According to a report by the European Cybercrime Centre titled ‘Quantum Computing and Cryptocurrencies – Bridging Technical Expertise and Decision Making’, the primary risk lies in the cryptographic keys used to control wallets and authorize transactions. A sufficiently powerful quantum computer could potentially derive a private key from a public key, allowing attackers to seize control of funds.

Europol emphasizes that quantum computing does not necessarily signal the collapse of cryptocurrencies, as cryptographic hash functions—which maintain blockchain integrity—remain relatively resistant. However, the agency urges blockchain developers, wallet providers, users, and policymakers to begin a gradual transition to quantum-resistant cryptography.

A second report, ‘Harvest Now, Decrypt Later’, highlights an immediate threat: attackers may currently be collecting and storing encrypted data with the intention of decrypting it in the future once advanced quantum technology becomes available.