Ava Labs CEO urges freeze of 1.1M BTC in Satoshi wallets
Sirer’s proposal to freeze Satoshi’s BTC
Emin Gün Sirer, CEO of Ava Labs and a prominent blockchain expert, has proposed freezing 1.1 million BTC held in Satoshi Nakamoto's wallets due to emerging threats from quantum computing.
In a recent post on X, Sirer voiced concerns that advancements in quantum technology, particularly Google’s “Willow” quantum chip, could potentially compromise the security of Bitcoin’s early wallets, posing a significant risk to the broader cryptocurrency market.
The 1.1 million BTC, believed to be mined by Bitcoin’s pseudonymous creator Satoshi Nakamoto, has remained untouched for over a decade. However, these wallets were created before the advent of modern cryptographic protections, leaving them more vulnerable to breakthroughs in quantum computing.
Loading...
Sirer argues that the rapid progress of quantum technology could one day enable hackers to crack the private keys to these wallets, resulting in a flood of BTC that could destabilize Bitcoin’s price and confidence.
He also pointed: "Satoshi's early minded coins used the very old Pay-To-Public-Key (P2PK) format, which reveals the public key and gives the attacker time to grind, for the mother of all cryptography bounties. P2PK isn't used by modern Bitcoin wallets or modern systems like Avalanche, but it was there in the early days of Bitcoin".
Why quantum computing matters
Quantum computing, while still in its infancy, promises to exponentially increase processing power, posing a threat to encryption methods that safeguard blockchain networks. Google’s advancements in its “Willow” quantum chip have reignited fears that quantum systems could soon break cryptographic algorithms, including those securing early Bitcoin wallets.
Sirer’s proposal to freeze Satoshi’s BTC is aimed at preemptively mitigating this risk. While technically controversial, such a move would require consensus across the Bitcoin network—a challenging feat given the decentralized nature of the system. Critics argue that freezing wallets would undermine Bitcoin’s core principles of censorship resistance and immutability.
Implications for Bitcoin’s future
The proposal has sparked intense debate within the crypto community, with proponents acknowledging the need for quantum-resistant measures and skeptics warning of overreaction. The 1.1 million BTC in question—worth over $70 billion at current prices—represents a significant portion of Bitcoin’s total supply, making it a critical issue for market stability.
As quantum computing continues to advance, industry leaders and developers face mounting pressure to strengthen blockchain networks against potential threats. Sirer’s call to action highlights the urgent need for proactive discussions and solutions to protect the future of decentralized finance.
It's also interesting to know that Mike Novogratz questions whether Satoshi Nakamoto is still alive.
