Changpeng Zhao proposes freezing Satoshi's bitcoins: quantum threat or network salvation?
Binance founder Changpeng Zhao has proposed a radical initiative that could change the very essence of Bitcoin. He suggests giving the cryptocurrency's creator, Satoshi Nakamoto, exactly 12 months to move his coins stored on old, vulnerable addresses. If this does not happen, according to Zhao, these bitcoins should be frozen forever.
The main argument is the quantum threat. Zhao warns that inaction on this issue is extremely dangerous. Once quantum computing reaches the necessary level, coins from old wallets using the P2PK (Pay-To-Public-Key) format will become easy prey for attackers. Essentially, they will go to whoever cracks the encryption first.
Why does this specifically concern Satoshi?
This refers to wallets from the early period of Bitcoin, which are believed to belong to Satoshi and his early followers. These addresses use an outdated format that fully exposes the public key. Modern wallets use more secure schemes, but for coins from 2009-2010, the threat is real.
Zhao's proposal boils down to this: a temporary one-year "window" should be created so that owners of these coins can transfer them to secure addresses. If they remain inactive, the network should permanently block them to prevent future theft. As a result, according to Zhao's estimates, only about 20 million bitcoins would remain in circulation, with all others being frozen.
Not the first attempt
A similar idea was proposed in 2024 by Ava Labs CEO Emin Gün Sirer. He also pointed out the vulnerability of the P2PK format and suggested freezing Satoshi's coins or setting a deadline for their transfer. Sirer noted that quantum computing would make number factorization easier, but other tasks would remain difficult, providing only a small "window" for an attack.
My professional opinion: Zhao's initiative is certainly controversial. It contradicts the fundamental principle of Bitcoin's immutability and non-fungibility. However, it raises a critically important question: is the crypto industry ready to sacrifice part of its ideology to protect against a real, albeit still distant, quantum threat? Freezing Satoshi's assets is a precedent that could either save the network or destroy trust in it.