Changpeng Zhao, founder of Binance, stated on June 18 that Bitcoin held in addresses failing to migrate to quantum-resistant cryptography should be frozen, including coins belonging to Bitcoin's anonymous creator Satoshi Nakamoto. Zhao made the remarks during an appearance on the Galaxy Brains podcast hosted by Galaxy Research president Alex Thorn. The proposal addresses concerns that quantum computers could break Bitcoin's cryptographic security, with Zhao advocating for a 6-12 month migration period during which holders must move their coins to new secure addresses.
Zhao Proposes Freezing Unmigrated Bitcoin Including Satoshi Holdings
On June 18, Zhao appeared on the Galaxy Brains podcast, where he stated that quantum-resistant cryptographic systems already exist, meaning quantum computers do not pose an insurmountable threat to Bitcoin. Cryptocurrencies like Bitcoin deploy cryptographic functions to encrypt financial details to ensure the integrity and security of funds, preventing anyone other than individuals sending and receiving crypto assets from accessing sensitive financial data.
According to Zhao, the Bitcoin network should transition to quantum-resistant cryptography within a migration period of 6-12 months. Every holder should be allowed to move their coins to new and secure addresses within the deadline; otherwise coins held in retired addresses will get lost. If any holder fails to move their Bitcoin by the deadline, these coins should be frozen—including those belonging to Satoshi Nakamoto—under the new protocol, Zhao stated.
Zhao added that if vulnerable addresses are allowed to remain active, quantum attackers could gain access to Bitcoin belonging to dormant wallets. The billionaire stated that the Bitcoin network should build a consensus to take necessary steps to contain potential quantum attacks.
Satoshi Nakamoto Controls 1.096 Million Bitcoin Worth Over $70 Billion
Satoshi Nakamoto is the person or group who developed Bitcoin and authored the Bitcoin white paper. As per Arkham Intelligence, they control approximately 1.096 million Bitcoin, worth more than $70 billion. Since Satoshi is an unknown figure, it has led to wild speculations about their pseudonymous identity.
Bitcoin was exchanging hands at $64,150 at the time of writing, as per Decibel.
FAQ
What did Changpeng Zhao propose regarding Satoshi Nakamoto's Bitcoin on June 18?
Changpeng Zhao proposed that Bitcoin held in addresses failing to migrate to quantum-resistant cryptography within a 6-12 month period should be frozen, including coins belonging to Satoshi Nakamoto. Zhao made this statement during his appearance on the Galaxy Brains podcast hosted by Galaxy Research president Alex Thorn.
How much Bitcoin does Satoshi Nakamoto control according to Arkham Intelligence?
According to Arkham Intelligence, Satoshi Nakamoto controls approximately 1.096 million Bitcoin, worth more than $70 billion. Satoshi Nakamoto is the person or group who developed Bitcoin and authored the Bitcoin white paper, though their identity remains unknown.
