A new research paper from Google Quantum AI, in collaboration with the Ethereum Foundation and Stanford University, reveals a significant threat to the security of Bitcoin and Ethereum posed by quantum computing. The study suggests that advanced quantum computers could potentially crack the 256-bit elliptic curve cryptography used in these cryptocurrencies in as little as nine minutes, utilizing fewer than 500,000 physical qubits—a drastic reduction from previous estimates. This alarming prediction indicates that quantum capabilities may advance faster than anticipated, necessitating urgent measures to protect blockchain networks. The paper categorizes potential threats into three types: on-spend attacks, which target transactions in progress; at-rest attacks, which focus on dormant wallets; and on-setup attacks, which exploit vulnerabilities in protocol design. Each type poses unique risks as quantum technology evolves. The implications are severe, as a compromised private key could lead to irreversible loss of funds. The authors advocate for immediate interim security measures while emphasizing the need to transition to post-quantum cryptography (PQC) to safeguard against these threats. Despite the urgency of the situation, industry leaders like Binance's Changpeng Zhao and Elon Musk have downplayed the immediate panic, suggesting that the crypto sector must adapt to new quantum-resistant algorithms.