Venture capitalist Andrew Gault argues the crypto industry is focusing on the wrong threat: the encryption of in-transit data rather than wallet keys. He warns that adversaries are collecting encrypted traffic today for future decryption once quantum computers mature. Google's security team set 2029 as its post-quantum migration target, citing similar concerns. Citi estimates a quantum attack on a major US bank could trigger a $2-3.3 trillion economic cascade. For crypto, cross-chain bridge proofs, exchange API packets, and signed transactions in mempools are all vulnerable. Ethereum has a coordinated migration plan, but Bitcoin and major exchanges do not.

Key facts

• Gault warns of 'harvest now, decrypt later' attacks on in-transit data.
• Google targets 2029 for post-quantum cryptography migration.
• Citi estimates quantum attack on US bank could cost $2-3.3 trillion.
• Ethereum has a post-quantum plan; Bitcoin and major exchanges lack one.

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