TLDR
- Swan Bitcoin founder Cory Klippsten says AI is a nearer threat to Bitcoin than quantum computing.
- He says hackers use large language models to find security flaws with just a few prompts.
- He puts quantum computers that could threaten Bitcoin at least a decade away.
- Mercado Bitcoin paused deposits and withdrawals after an estimated $46 million left its wallets.
- Binance lost $6.3 billion in an Oct. 29 hack that the FBI tied to North Korean hackers.
Artificial intelligence poses a more immediate threat to Bitcoin security than quantum computing, according to Swan Bitcoin founder Cory Klippsten. He made the comments on Cointelegraph’s Chain Reaction.
Klippsten is the founder and chief executive of Swan Bitcoin. He said hackers are using large language models to probe crypto systems for weaknesses.
He said attackers can exploit security flaws with just a few prompts. “I think we’re finding out that the near term threat is actually AI,” he said.
He described the problem as “these LLMs in the hands of hackers going and poking through everything.” He added that this is where the pattern shows up “over and over and over again.”
Quantum computing timeline
Klippsten dismissed much of the concern around quantum computing as speculative. He estimated that quantum computers able to threaten Bitcoin’s cryptography are at least a decade away. He said it could take longer.
He said the Bitcoin network could adopt quantum-resistant protections if the threat became credible. He argued that rushing to add them now would create unnecessary complexity.
Klippsten also spoke about how crypto firms should approach security. He said companies cannot rely on hastily developed software to protect customer assets.
“You need to actually know what the hell you’re doing from a security standpoint,” he said. He made the point while discussing how firms guard customer funds.
He also suggested that some crypto startups and investors have used quantum fears to attract funding. He called much of that discussion fear, uncertainty and doubt, often shortened to “FUD.”
He characterized the talk as a talking point rather than an imminent security concern for the network. His remarks were published on Nov. 2.
Recent exchange breaches
His warning comes as crypto exchanges face a string of security breaches. He pointed to recent incidents as examples of the pattern he described.
Binance lost $6.3 billion in a hack on Oct. 29. The Federal Bureau of Investigation (FBI) attributed the attack to North Korean hackers.
Brazil’s Mercado Bitcoin suspended deposits and withdrawals on Monday following a security incident. Researchers estimate that more than $46 million left its wallets.
The attribution for the Mercado Bitcoin incident has not yet been disclosed. Loss figures for both incidents are estimates.
