Changpeng Zhao proposes permanently freezing Satoshi's bitcoins: protection against quantum threat
Binance founder Changpeng Zhao (CZ) has made a radical proposal that could forever change the fate of bitcoins belonging to the legendary network creator Satoshi Nakamoto. CZ suggests giving holders of inactive coins 12 months to move them to secure wallets. If this does not happen, according to his plan, these funds should be frozen forever — up to being locked in a new protocol.
The proposal concerns coins stored in early Bitcoin wallets, which Zhao believes are most vulnerable to the impending quantum threat. CZ warns that if nothing is done, once quantum computing reaches the necessary level, these funds will effectively go to whoever can hack them. In the new protocol, he says, only about 20 million coins will remain, while the rest will be locked.
Zhao's idea is to protect digital assets before they become easy prey for attackers armed with quantum computers. The one-year window will give owners of inactive coins a chance to transfer them to more secure formats, such as modern wallets with enhanced cryptography.
Parallels with the 2024 proposal
Notably, a similar initiative was previously put forward by Ava Labs CEO Emin Gün Sirer. He also pointed out the danger of quantum computing to outdated technologies. Wallets from Nakamoto's active period use the Pay-To-Public-Key (P2PK) format, which fully exposes the public key, making them extremely vulnerable. Sirer noted that modern systems, including Avalanche, do not use P2PK, but in the early days of Bitcoin, it was the standard.
According to Sirer's assessment, a quantum attacker has only a small window of opportunity for an attack, which complicates their task. Nevertheless, he believes the community should consider freezing Satoshi's coins or setting a deadline for moving all funds using the P2PK format.
Expert opinion: Changpeng Zhao's proposal is a bold but highly controversial move. On one hand, it raises a critically important issue about the future security of Bitcoin in the era of quantum computing. On the other hand, freezing assets, even with prior notice, could be seen as a violation of the fundamental principle of blockchain immutability and decentralization. If the community decides to set such a precedent, it will create a dangerous tool for future network manipulation. Debate around this idea is inevitable, and it will determine how willing we are to sacrifice principles for security.