Bitcoin Sinks After $100M Wallet Attack, Quantum Fear
Bitcoinholders were spooked by a $100 million attack on a trusted hardware wallet, which contributed to a drop in theBitcoin Price. IBMCEO Arvind Krishna warns that quantum computers could break crypto. . .
Bitcoinholders were spooked by a $100 million attack on a trusted hardware wallet, which contributed to a drop in theBitcoin Price. IBMCEO Arvind Krishna warns that quantum computers could break crypto security within three to four years, potentially threatening nearly $500 billion in bitcoin. Despite the threat, some traders are buying bitcoin becauseJim Cramersuggested selling, following the “inverse Cramer” trading meme. A surprise attack on a leading hardware wallet rattled the cryptocurrency market this week, causing the bitcoin price to fall and sweeping aside short-term hopes of a $27. 9 trillion market shift. The $100 million breach has triggered urgent warnings about the security of digital assets, with a new “AI reckoning” caution issued by prominent tech leaders. Consequently, the focus has shifted to a looming threat from quantum computers that could undermine crypto security in as little as three years. - Advertisement -IBMchief executive Arvind Krishna has issued a stark warning about the timeline for quantum computing threats. “I think you should give yourself three of four years, and at that point, I would get rather paranoid about it,”KrishnatoldCNBC’s Mad Money. He predicted that quantum computing would have a measurable impact onIBM‘s business by 2028 or 2029, adding,“By the end of the 2030s, we are now pretty convinced this is a trillion dollars of value. ”The threat is not merely theoretical, as recent research suggests nearly 7 million bitcoin, worth close to $500 billion, could be at risk. In March, Google researcherspublisheda paper warning that future quantum computers may break some cryptography protecting bitcoin with fewer resources than previously thought. They urged vulnerable cryptocurrency communities to migrate to post-quantum security “without delay,” though they did not indicate such an attack is currently possible. Meanwhile, the panic has triggered a contrarian buying signal among some traders. “Every time Cramer says sell, I add to my position,”pseudonymous investor Bitcoin & Barbells posted, referring to the “inverse Cramer” meme. The debate over quantum-resistant cryptography has been catapulted to the fore, but for now, the market reacts to the ongoing attacks and the potential for a seismic shift in the digital asset landscape. ✅ FollowBITNEWSBOTonTelegram,Facebook,LinkedIn,X. com, andGoogle Newsfor instant updates. - Advertisement -Previous Articles:Terpin: Bitcoin to fall 66% to $43,500Google deletes AI agent workflows after prompt injection attackMicron Stock Plunges 30% on Rival Miss; AI Demand StrongBlackRock Tokenizes $311B European Money Market FundsOpenAI Accuses Apple of False Claims in Trade Secrets SuitStay in the Loop🔥Join 1. 2K Smart TradersGet exclusive crypto insights, breaking news, and market analysis delivered straight to your inbox. No fluff, just facts.