Bitcoin developers propose freezing 5.6 million dormant BTC to counter quantum threat
Updated
Updated · CoinDesk · Apr 26
Bitcoin developers propose freezing 5.6 million dormant BTC to counter quantum threat
9 articles · Updated · CoinDesk · Apr 26
BIP-361, released by Jameson Lopp and other core developers, suggests freezing dormant coins worth $440 billion to prevent quantum-computing theft.
The proposal has sparked fierce debate, with critics warning it could trigger the worst single-day repricing in Bitcoin’s history and undermine its censorship-resistant ethos.
Supporters argue quantum computing poses an existential risk, while others insist voluntary migration is preferable to protocol-level intervention; the community remains deeply divided on how to address future quantum threats.
Why are rivals like Ethereum already quantum-ready while Bitcoin is paralyzed by debate?
Is Bitcoin's promise of unseizable money a myth if developers can vote to freeze billions?
How can you know if your personal Bitcoin wallet is vulnerable to a future quantum attack?
With Google's quantum advances, is Bitcoin ignoring a ticking time bomb set for 2029?
If 5.6 million 'lost' Bitcoins are frozen, who really benefits from the $440 billion decision?
Could a quantum hack's 'bug bounty' be better for Bitcoin than breaking its own rules?
BIP-361 and Bitcoin’s Quantum Crisis: Freezing $75 Billion in Vulnerable Coins to Prevent Catastrophic Theft
Overview
Bitcoin's security depends on ECDSA cryptography, which quantum computers could break using Shor's algorithm, exposing private keys from public keys. This creates two main risks: on-spend attacks during transaction broadcasts and at-rest attacks on wallets with already exposed public keys. About 6.7 million BTC, worth roughly $75 billion, is vulnerable, especially in old address types and reused addresses. To address this, BIP-361 proposes a phased migration blocking payments to vulnerable addresses, then freezing unmigrated coins to prevent theft. While this aims to protect the network, it challenges Bitcoin's core principles of user control and immutability, sparking debate over security versus ownership. The urgency grows as quantum capabilities advance, pushing for coordinated action amid governance and technical hurdles.