888-384-7144 info@insidequantumtechnology.com

Crypto Twitter User Alon Gal Tweets ‘Google Hook Me Up With a Quantum Computer’ to Access Bitcoin Wallet with Nearly $700 M

By IQT News posted 09 Sep 2020

(CoinTelegraph) A Bitcoin wallet with nearly $700 million is up for grabs — but anyone intending to be a “crypto thief” and nab it will have to crack the password first.
Crypto Twitter user Alon Gal has put out a call to his 29,900 followers for solutions on how to gain access to 69370.22 Bitcoin (BTC), worth roughly $695.4 million as of this writing. According to the Sept. 8 post from Gal, the wallet has been passed between hackers for the past two years without success at determining the password. Gal wrote on Twitter, “I have the wallet, @ Google hook me up with a quantum computer.”
This raises an interesting question — using a quantum computer, what would be the chance someone could gain access to a random wallet with a lost password, even with a $695 million motivation?
n terms of lost passwords, the technology would have the ability to go through more permutations than the best machines today to find the unencrypted passwords or even to reverse a hash.
However, others including Deloitte aren’t so sure. The accounting firm’s website states that current technology in quantum computing makes 25% of all Bitcoin in circulation vulnerable to attack. If enough coins were stolen, the market could potentially crash, undermining confidence in cryptocurrency.

Subscribe to Our Email Newsletter

Stay up-to-date on all the latest news from the Quantum Technology industry and receive information and offers from third party vendors.

IQT Partner Program

Quantropi
DUSA
McAndrews
HKA
Aliro
RANDAEMON
Zapata
Quantum Xchange
Toshiba
Quintessence Labs
Keysight World
0