Why is NEAR warning about quantum computing risks?

NEAR developers said quantum computers could eventually break current blockchain cryptography and create uncertainty around wallet ownership verification. The concern goes beyond stolen keys and includes difficulty proving who truly owns compromised assets.

How could quantum computers threaten cryptocurrencies?

Advanced quantum computers could potentially crack the cryptographic systems securing blockchain wallets and transactions. This could allow attackers to forge signatures or steal funds from vulnerable addresses.

What problem did NEAR’s Anton Astafiev highlight?

Anton Astafiev warned blockchain networks may struggle to determine whether a transaction is being made by the legitimate owner after quantum attacks occur. This could force protocols to decide between freezing assets or allowing potentially stolen funds to move freely.

What is an “on-spend” quantum attack?

An on-spend attack happens when a quantum computer breaks a wallet’s cryptographic signature during a transaction. Researchers suggested future quantum systems might crack Bitcoin’s protections within minutes during this process.

What solution is NEAR exploring for quantum threats?

Near One is developing post-quantum-safe signing infrastructure for the NEAR blockchain. The company also plans to implement the FIPS-204 cryptographic standard on testnet later this quarter.

FIPS-204 is a post-quantum cryptographic standard approved by the US National Institute of Standards and Technology. It is designed to help secure digital systems against future quantum computing attacks.

How could zero-knowledge proofs help protect crypto ownership?

Zero-knowledge proofs could allow users to prove they know their original wallet seed phrase without revealing the actual information. This may help verify rightful ownership after potential quantum-related compromises.

Are other blockchain networks preparing for quantum computing?

Yes, several major blockchain ecosystems are already researching quantum-resistant systems. Ethereum, Solana and Bitcoin developers are all exploring post-quantum security strategies.

NEAR warns quantum attacks could trigger ownership crisis

Written by Liezl GambePublished May. 7 2026Last Updated May. 7 2026

Developers behind the NEAR Protocol warned that future quantum computing attacks could create a broader ownership verification crisis across blockchain ecosystems beyond simply compromising private keys.

Near One chief technology officer Anton Astafiev said blockchain protocols may struggle to determine whether transactions are being initiated by legitimate owners if quantum computers eventually break existing cryptographic systems.

“We won’t be able to tell if someone running a transaction is the rightful owner of the asset or not,”

Astafiev said.

He added that protocols could face difficult decisions between freezing compromised assets entirely or allowing potentially stolen funds to continue moving through blockchain networks.

Astafiev suggested zero-knowledge proof technology may provide one possible solution by allowing users to verify knowledge of an original seed phrase without revealing sensitive wallet information.

The warning comes after researchers from Google and the California Institute of Technology said earlier this year that practical quantum computers capable of breaking current cryptography may arrive sooner than previously expected.

Google researchers claimed advanced quantum systems could potentially break Bitcoin cryptographic protections within minutes through so-called “on-spend” attacks targeting wallet transactions.

Near One said it is developing post-quantum-safe signing infrastructure for the NEAR blockchain, which currently secures more than $137 million in user funds.

One of the first proposed solutions includes implementing the FIPS-204 cryptographic standard, which has already been approved by the US National Institute of Standards and Technology and is expected to launch on NEAR’s testnet before the end of the second quarter.

Other major blockchain ecosystems are also preparing for quantum threats, with the Ethereum Foundation developing protocol-level protections, Solana validator clients testing post-quantum signature systems and Bitcoin developers increasingly discussing long-term quantum security strategies.

At the time of reporting, Bitcoin price was $81,524.58.