El Salvador has moved its Bitcoin holdings to 14 new wallets as a preventative measure against possible quantum computing attacks.
“By splitting funds into smaller amounts, the impact of a potential quantum attack is minimized,” El Salvador’s Bitcoin Office said In a post on Friday, X added that each bitcoin (BTCYou can store up to 500 BTC at a single address.
The Bitcoin Office explained that once funds are spent from a Bitcoin address, its public keys are revealed and vulnerable — making it a target for quantum computers to crack — should the technology evolve into a significant threat in the future.
More than 6 million Bitcoin — worth around $650 billion — could be at risk If quantum computers are powerful enough to crack the elliptic curvature cryptography (ECC), quantum research company Project Eleven It was April.
There have been on-chain transfers
El Salvador had previously stored its 6274 Bitcoin (worth $678million) in one address. However, blockchain data indicates that the funds have been transferred to 14 new addresses as of Friday.
For now, Quantum doesn’t cause concern.
Project Eleven pointed out that while industry analysts praised El Salvador’s decision, quantum computing was still a long way from hacking Bitcoin. The A Bitcoin private key The key is 256-bits long, and so far no quantum computers running Shor’s algorithm have cracked even a 3-bit secret.
Michael Saylor is the author of Strategy’s Bitcoin Playbook. He said that quantum computing poses a threat to Bitcoin is mere hype The protocol’s developers said that they would be able to fix the problem if ever it became an issue.
“The answer is: Bitcoin network hardware upgrade, Bitcoin network software upgrade, just like [how] Microsoft, Google, the US government upgrade.”
El Salvador is still caught up in IMF drama
El Salvador’s Bitcoin purchase has been called into question following a July report from the International Monetary Fund that claimed El Salvador had not purchased any Bitcoins. new Bitcoin purchases Seit February
Related: El Salvador’s Bukele reacts as $1B Bitcoin holdings bet increases on Kalshi
The Bitcoin Office in the country didn’t respond directly to those claims but continued posting about their Bitcoin purchases.
El Salvador secured a $1.4 billion funding deal from the IMF in December 2024 in exchange for scaling back its Bitcoin initiatives, among other conditions — though the terms appear to be under dispute between the two parties.
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Source: cointelegraph.com
