Originally published on: October 14, 2024
In a groundbreaking development, Chinese researchers at Shanghai University, headed by Wang Chao, have successfully breached encryption algorithms used in banking and cryptocurrency with the help of a quantum computer manufactured by Canada’s D-Wave Systems. This revelation has sparked concerns about the security of widely used encryption standards in the digital realm.
The researchers focused on cracking the Present, Gift-64, and Rectangle algorithms, which form the backbone of the Substitution-Permutation Network (SPN) structure supporting advanced encryption standards like AES-256, commonly employed to secure cryptocurrency wallets.
Despite the robust nature of AES-256 encryption, the potential threat posed by quantum computers looms large. The innovative quantum annealing technique utilized by Wang’s team leverages quantum tunneling to optimize solutions on a global scale. This method surpasses traditional algorithms by allowing particles to traverse barriers efficiently, paving the way for more effective decryption.
Wang and his team emphasized the significant impact of this breakthrough, underscoring the quantum computer’s ability to challenge established encryption systems. While current limitations may impede a complete quantum hack due to environmental and hardware constraints, future advancements could lead to more potent quantum attacks, exposing vulnerabilities in existing cryptographic systems.
The researchers’ findings, detailed in a peer-reviewed paper published in the China Computer Federation Chinese Journal of Computers, underscore the urgency of fortifying encryption measures to withstand potential quantum threats.
Experts like Ethereum co-founder Vitalik Buterin have proposed strategies to mitigate quantum computing risks in the crypto space. However, the industry remains vigilant in preparing for potential quantum threats that could compromise user funds and disrupt digital security protocols.
As the crypto landscape braves the evolving realm of quantum computing, the race to fortify encryption measures intensifies. Stay tuned for more updates on emerging technologies and their implications for digital security.
