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Moody's Warns Quantum Computing Attacks Could Cost Financial System $2-3 Trillion

GateNews
Security IncidentsRegulation & PolicyStocksGeopolitics
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According to Moody's May report, quantum computing poses a significant threat to cryptocurrency networks and banking systems, with potential attacks estimated to cause $2-3 trillion in indirect losses to payment systems. In response, major institutions including BlackRock, ARK Invest, and Fidelity have formed the Bitcoin Security Consortium, pledging $15 million over three years to strengthen Bitcoin network resilience. Galaxy Digital separately launched its Bitcoin Quantum Readiness Initiative this week, offering up to $5 million in grants to developers working on post-quantum solutions for Bitcoin. IBM targets deploying fault-tolerant quantum computers by 2029, while the U.S. federal government mandated agencies complete transition to post-quantum cryptography by 2031, underscoring the urgency of quantum-resistant security preparations.
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