Europol puts wallet keys at the center of crypto quantum preparation

Europol has published two reports urging the cryptocurrency industry and organisations holding sensitive data to prepare for future quantum attacks. The October 7 publications focus on exposed wallet keys and on encrypted information that could be collected now and decrypted later.

The agency says the arrival of the necessary quantum capabilities remains uncertain. Its reason for starting preparation is the time required to update systems and coordinate security changes across organisations and decentralised networks.

The first report, produced by Europol's European Cybercrime Centre, identifies the keys used to control wallets and authorise transactions as the main point of exposure. A sufficiently powerful quantum computer could derive a private key from an exposed public key and use it to transfer funds without the owner's permission.

That vulnerability differs from the hash functions used in important parts of blockchain integrity, which the agency describes as comparatively resistant to quantum attacks. The report challenges predictions that quantum computing will inevitably cause cryptocurrencies to collapse and directs attention to wallet security, key management and a phased migration to resistant cryptography.

The coordination problem is substantial: blockchain developers, wallet providers, policymakers and users would all have roles in an upgrade. Europol calls for identifying the assets most exposed, prioritising them and maintaining compatibility with existing systems during the transition. The reports do not establish that a current quantum attacker can already steal funds through this route.

The companion report, developed with University Carlos III of Madrid, examines the collection of encrypted communications and files for later decryption. An attacker does not need a quantum computer to collect the material today. The most plausible targets are high-value information that must stay confidential for years, including government communications, medical records and law-enforcement files.

Europol says there is no clear evidence that this collection-and-decryption technique is being systematically exploited at scale. Exposure depends on protocols, configurations and key management. The recommended response is a staged preparation programme: map cryptographic dependencies, remove outdated protocols, test post-quantum solutions and preserve essential services as systems change.