Swan Bitcoin founder says AI, not quantum computing, is nearer Bitcoin threat

Swan Bitcoin founder Cory Klippsten said on November 2 that artificial intelligence poses a more immediate threat to Bitcoin security than quantum computing, warning that hackers are using large language models to probe for vulnerabilities. He spoke on Cointelegraph's Chain Reaction program.

Klippsten dismissed much of the concern about quantum computing as speculative. He estimated that quantum computers capable of threatening Bitcoin's cryptography remain at least a decade away, potentially longer, and argued the network could adopt quantum-resistant protections if the threat became credible. Rushing to implement them now would introduce unnecessary complexity, he said.

"I think we're finding out that the near term threat is actually AI," Klippsten said. "That it's these LLMs in the hands of hackers going and poking through everything."

He also warned that cryptocurrency companies cannot rely on hastily developed software when safeguarding customer assets. "You need to actually know what the hell you're doing from a security standpoint," he said.

Klippsten suggested some cryptocurrency startups and investors had used fears surrounding quantum computing to attract funding, characterizing much of the discussion as fear, uncertainty and doubt rather than an imminent security concern.

The comments followed security incidents at two exchanges. Brazil's Mercado Bitcoin suspended deposits and withdrawals on Monday following a security incident, with researchers estimating that more than $46 million had left its wallets. Days earlier, Binance lost $6.3 billion in an October 29 hack that the FBI attributed to North Korean hackers, according to the report.