Changpeng Zhao proposes freezing Satoshi's bitcoins: protection against quantum threat or violation of principles?
Binance founder Changpeng Zhao (CZ) has put forward an unexpected initiative that could fundamentally change the approach to managing the oldest Bitcoin assets. He proposed giving Bitcoin's creator, Satoshi Nakamoto, 12 months to move his coins to more secure wallets. If no action is taken, CZ suggests these Bitcoins should be frozen permanently.
Quantum Vulnerability: A Real Threat to P2PK Wallets
The main motivation behind this proposal is protection against the impending quantum threat. Zhao warns that if nothing is done, early Bitcoin wallets using the Pay-To-Public-Key (P2PK) format will become easy prey for attackers once quantum computing reaches sufficient power. In his assessment, inaction will result in these coins effectively falling into the hands of whoever cracks them.
This concerns approximately 1 million BTC held in old, inactive wallets, likely including addresses attributed to Satoshi. The P2PK format fully exposes the public key, making it vulnerable to quantum algorithms capable of computing the private key. Under the new protocol, as envisioned by CZ, only about 20 million coins would remain, with the rest being locked away.
Precedent from 2024: The Idea Is Not New
It is worth noting that Changpeng Zhao is not a pioneer on this issue. A similar idea was proposed back in 2024 by Ava Labs CEO Emin Gün Sirer. He also highlighted the vulnerability of P2PK wallets and suggested considering a freeze on Satoshi's coins or setting a deadline for their movement. Sirer emphasized that a quantum attack is not an instantaneous process but a narrow window of opportunity, giving the community time to prepare.
Expert Opinion
CZ's initiative sparks serious debate. On one hand, protecting billions of dollars from potential hacking is a reasonable security measure. On the other hand, freezing assets contradicts the very spirit of Bitcoin as a decentralized and censorship-resistant system. This calls into question the fundamental principles on which the entire industry is built. I believe that instead of a radical freeze, the community should focus on developing and implementing post-quantum cryptographic standards for the entire network, rather than selectively restricting access to historical assets.