Quantum computing presents threat to all crypto currencies, digital assets and passwords: ‘industry is scrambling’

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Moynihan, L. (2026, October 14). Quantum computing presents threat to all crypto currencies, digital assets and passwords: ‘industry is scrambling’. New York Post. https://nypost.com/2026/10/14/tech/quantum-computing-presents-threat-to-all-crypto-currencies/

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New York Post · collected 2026-10-14 · by Lydia Moynihan

Quick Summary

OpenAI's system recently solved a 90-year-old math problem in just 88 hours, raising concerns within the cryptocurrency world about the potential for AI to accelerate the development of quantum computers capable of breaking current cryptographic defenses. Alex Pruden, CEO and Co-founder of Project Eleven, warns that China’s recent unveiling of a powerful new quantum processor could mean that Q Day—the moment when quantum computers become potent enough to crack Bitcoin and other digital asset cryptography—is approaching sooner than expected. The article highlights the vulnerability of existing encryption methods as AI progresses, noting significant price declines in cryptocurrencies like Bitcoin (down 35%) and Ethereum (down more than 50%) since October 2025, partly attributed to investor fears over quantum computing threats.
Written locally by qwen2.5:14b on 2026-10-15, using this article's own text rather than the other coverage of the same event (that is the story summary below).

AI analysis runs on qwen2.5:14b, locally

Story summary

As of October 14, 2026, the crypto industry faces a looming threat from quantum computing, with insiders predicting that Q Day — when quantum computers will become powerful enough to break current cryptographic protections for cryptocurrencies like Bitcoin — is approaching sooner than expected. According to Alex Pruden, CEO and Co-founder of Project Eleven, AI advancements are significantly speeding up the development of these quantum technologies. OpenAI recently claimed its system solved a 90-year-old math problem in just 88 hours, raising concerns about the rapid pace at which security vulnerabilities could be uncovered. China's recent unveiling of a new quantum processor has further heightened worries about global competition, as it outperformed previous models in specialized computing tests.

Written for “Quantum Computing Threat To Cryptocurrencies” on 2026-10-15, grounded in this article and the 0 other(s) covering the same event.
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Story

📰 Quantum Computing Threat To Cryptocurrencies
Technology · 1 article(s) covering the same event.

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Claims extracted
23
sentences that state something as happening or true
Uncertain
22%
5 of 23 hedged ("reportedly", "may", "according to")
Leaning
not political
takes no side on a contested political question
Publisher signals
67/100
New York Post's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Technology
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-10-15 · how these are computed

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Source leaning vs. consistency

Publisher

New York Post · 10307 article(s) · 30 correction(s) detected
Running correction rate · 30 correction(s)

Who wrote this

Lydia Moynihan
6 article(s) here · 1 carrying a prediction
🔮 Artificial intelligence’s incredible ability to solve complicated problems could help unravel the security underpinning much of the cryptocurrency industry by accelerating the development of super-advanced quantum computers capable of cracking its defenses.
🔮 On Monday, Jacob Coxon, the former Anthropic researcher, continued his alarmism tour — minus the Harry Potter glasses — before a rare “Committee of the Whole” at City Hall, warning that AI could escape human control and kill us all.
🔮 The last week has been full of fear-mongering: Bill Gates warning AI could cause “a billion deaths,” on Meet The Press, Anthropic once again touting its tech as posing “catastrophic or existential risks to humanity” in its filing ahead of a possible IPO, and even SNL calling out Dario Amodei’s doomerism.
🔮 Hassen asserts that DOGE fundamentally changed how the government approached spending by cancelling contracts that otherwise would have renewed; consolidating purchasing by creating OneGov, rather than having agencies negotiate separately with the same vendors; and implementing new guardrails around wiring money by placing a tracking code on payments that had previously gone out unlabeled.
🔮 Instinct, an upstart company which lives in iMessage or Whatsapp rather than its own separate app, lets users text it like you would an actual human assistant.
🔮 AI giants Anthropic and OpenAI suddenly started sounding a five-alarm fire last week, insisting their tech is just too good, developing too fast for humanity to handle and could kill us all.
Also by Lydia Moynihan
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 6 articles by Lydia Moynihan →

Topics

China Ethereum OpenAI Project Eleven The Post

Subjects

Carter PERSON · 2× Alex Pruden PERSON · 1× China GPE · 1× Ethereum ORG · 1× Nic Carter PERSON · 1× OpenAI ORG · 1× Project Eleven ORG · 1× Pruden PERSON · 1× Solana ORG · 1× The Post ORG · 1×

Narrative

While much of Silicon Valley focuses on the advent of Artificial General Intelligence (AGI) and when we will reach it, crypto insiders believe that Q Day — when a quantum computer becomes powerful enough to crack the cryptography protecting Bitcoin and other digital assets — is coming even sooner. “AI is rapidly increasing the rate at which the technical barriers are being overcome for quantum computers — AI is helping do that faster and faster in a way that was unimaginable even just one year ago,” Alex Pruden, CEO and Co-founder of Project Eleven, an applied research and engineer lab, told The Post.
framing: mixed · carried by 1 article(s) · first seen 2026-10-15
🔮 Artificial intelligence’s incredible ability to solve complicated problems could help unravel the security underpinning much of the cryptocurrency industry by accelerating the development of super-advanced quantum computers capable of cracking its defenses.

Claims (23 extracted, 5 hedged)

This week, OpenAI claimed its system produced a solution to a 90-year-old math problem in just 88 hours — thrilling researchers and terrifying some in the crypto world. asserted
system → claim → world
Artificial intelligence’s incredible ability to solve complicated problems could help unravel the security underpinning much of the cryptocurrency industry by accelerating the development of super-advanced quantum computers capable of cracking its defenses. uncertain
ability → solve → defenses
While much of Silicon Valley focuses on the advent of Artificial General Intelligence (AGI) and when we will reach it, crypto insiders believe that Q Day — when a quantum computer becomes powerful enough to crack the cryptography protecting Bitcoin and other digital assets — is coming even sooner. “AI is rapidly increasing the rate at which the technical barriers are being overcome for quantum computers — AI is helping do that faster and faster in a way that was unimaginable even just one year ago,” Alex Pruden, CEO and Co-founder of Project Eleven, an applied research and engineer lab, told The Post. asserted
Pruden → focus → Post
Perhaps even more concerning is who could get there first. uncertain
get → get → ?
Earlier this year, China unveiled a new quantum processor that completed a specialized computing test in a few hundred seconds — a job they estimated would take a leading conventional supercomputer billions of years. asserted
they → unveil → years
“My bet is that quantum computers will happen sooner than people expect and will happen before AGI,” Pruden said. asserted
Pruden → happen → AGI
And in the last five years, people have made tremendous progress, partially assisted by AI in solving some of the technical problems.” At issue: cryptography, which encrypts and secures information by using codes to scramble the material, relies on complicated math problems to keep things airtight — or lets someone with the right code gain access. asserted
someone → make → access
Thus far, those math problems are so advanced that no one person or classical computer can solve them in any practical amount of time, which has made the systems effectively secure under current technology. asserted
systems → solve → technology
For cryptocurrencies, those mathematical protections have kept the wrong person from accessing someone else’s coins. asserted
protections → keep → coins
It’s more than a bit ironic. asserted
It → ’ → bit
An industry premised on the idea that an immutable ledger could keep money safe from government, thieves and institutions is now poised to potentially be even more vulnerable than traditional institutions. uncertain
ledger → premise → institutions
Some crypto insiders attribute part of the recent decline in digital-asset prices — despite a friendlier regulatory environment — to investors pricing in the risk that quantum computers could crack the industry’s defenses. uncertain
computers → attribute → defenses
Bitcoin is down nearly 35% from its October 2025 high, while Ethereum has fallen more than 50% since that month. asserted
Ethereum → fall → month
“The question is what do we do about it,” said Nic Carter, partner at the crypto investment firm Castle Island Ventures. asserted
Carter → do → firm
He said that the industry is scrambling, but it’s difficult. asserted
it → say → ?
“Trying to update anything on a decentralized platform is tricky.” asserted
Trying → try → platform
While there have been concerns that AI could hack everything from power grids to banks, more centralized institutions can coordinate security upgrades more efficiently and move to new and more secure ledgers. Crypto’s decentralized nature isn’t able to adapt as quickly — developers, network operators, exchanges and wallet providers all have to coordinate changes before making tweaks. uncertain
developers → hack → tweaks
Still, Carter considers himself an optimist. asserted
himself → consider → ?
Cryptography designed to withstand quantum attacks already exists, he noted. asserted
he → design → attacks
The challenge is adapting it for these networks and getting people to adopt it. asserted
people → adapt → it
He believes the industry will adapt — keeping one’s money from getting stolen is the ultimate motivation. asserted
keeping → believe → money
“I’m still an optimist,” Carter said. asserted
Carter → ’m → ?
“We can’t sit idle.” asserted
We → sit → ?
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