Changpeng Zhao proposes freezing Satoshi's bitcoins: protection against the quantum threat
Binance founder Changpeng Zhao has put forward a radical proposal that could change the very structure of Bitcoin. He believes the community should give BTC creator Satoshi Nakamoto 12 months to move his coins. If the funds remain untouched within that timeframe, they should be frozen forever.
According to Zhao's estimate, if this measure is implemented, only about 20 million BTC would remain in the new protocol. The remaining coins stored on inactive early wallets would be permanently locked. This is necessary to protect against the looming quantum threat.
Zhao's reasoning is simple and alarming: if nothing is done, the coins will effectively fall into the hands of whoever can hack them. Once quantum computing reaches the necessary level, vulnerable wallets will become easy targets. This refers to wallets using the Pay-To-Public-Key (P2PK) format, which fully exposes the public key. Such wallets were common during Nakamoto's active period.
Quantum time bomb
Zhao warns that inaction on this issue is deadly for the ecosystem. Traditional encryption methods, on which early Bitcoin addresses are built, will prove powerless against quantum computers. The one-year window, according to Zhao, would give owners of inactive coins the opportunity to transfer them to a secure format.
Precedent from Ava Labs
A similar idea was previously voiced by Ava Labs CEO Emin Gün Sirer. He also pointed out the danger quantum computing poses to outdated technologies. Sirer noted that while modern systems, including Avalanche, do not use P2PK, this format was widely used in Bitcoin's early days. He called on the community to consider freezing Satoshi's coins or setting a deadline for transferring all funds from P2PK addresses.
My analysis: Although Zhao's initiative appears radical, it raises a critically important question about Bitcoin's long-term security. Freezing Satoshi's coins is not just a technical solution but a fundamental philosophical challenge to the principle of blockchain immutability. However, if we are truly on the brink of the quantum era, ignoring this threat could lead to catastrophic consequences for the entire network. The community faces a difficult choice between the sacred principle of "code is law" and the pragmatic need to protect assets.