Changpeng Zhao proposes freezing Satoshi's bitcoins: protection against the quantum threat
Binance founder Changpeng Zhao has made a radical proposal: give Satoshi Nakamoto 12 months to move his bitcoins, and then, if the coins remain untouched, freeze them forever. This concerns early-era wallets that use the outdated Pay-To-Public-Key (P2PK) format, which fully exposes the public key.
Quantum Threat: Why Inaction is Dangerous
Zhao warns that if nothing is done, these coins will effectively go to whoever cracks them using quantum computing. Once quantum computers reach the required level, traditional encryption methods will be at risk. The one-year window, according to Zhao, would give the owner the opportunity to transfer funds to a secure format. Otherwise, a permanent freeze would leave only about 20 million coins in circulation.
Parallels with 2024
A similar idea was previously put forward by Ava Labs CEO Emin Gün Sirer. He also pointed out the vulnerability of P2PK wallets used during Nakamoto's active era. Sirer noted that quantum computing would simplify some operations, but an attacker would need a narrow window of opportunity. In his assessment, the community should consider freezing Satoshi's coins or setting a deadline for transferring all P2PK funds.
My analysis: Zhao's initiative raises a fundamental question about the security of Bitcoin's legacy. Although the quantum threat is still theoretical, ignoring it means risking the reputation of the entire network. However, freezing assets contradicts the principle of blockchain immutability. A compromise could be found in the form of a "soft fork" with a mandatory upgrade of outdated wallets, but this would require community consensus, which is unlikely to be easy.