Chinese researchers have stated that they were able to crack cryptographic algorithms used in banks and cryptocurrencies with the help of a quantum computer. The team, led by Wang Chao from Shanghai University, applied quantum annealing on a D-Wave Systems computer to crack algorithms such as Present, Gift-64, and Rectangle, which support encryption standards like AES, widely used to protect crypto wallets.
Although AES-256 is considered one of the most secure standards, scientists warn that quantum computers may become a serious threat. However, current technological limitations do not yet allow for a full quantum crack.
The study was published in September 2024 in the journal of the Chinese Computer Federation.
