Chinese researchers claim to have breached encryption algorithms used in banking and crypto using a quantum computer. Shanghai University researchers, led by Wang Chao, utilized a quantum computer from Canada’s D-Wave Systems to breach algorithms through quantum annealing. They targeted Present, Gift-64, and Rectangle algorithms, which form the basis of the Substitution-Permutation Network (SPN) structure supporting AES encryption. While AES-256 is considered secure, quantum computers pose a potential threat. Wang's team described quantum annealing as an AI algorithm optimizing solutions globally. Quantum tunneling allows the quantum computer to find the lowest point efficiently. Despite limitations, researchers believe quantum attacks could expose vulnerabilities in cryptographic systems. Vitalik Buterin proposed a hard fork to mitigate quantum computing risks in the future. The findings were published in the China Computer Federation Chinese Journal of Computers. The crypto industry faces challenges as quantum computing advancements could potentially compromise encryption security. Read more AI-generated news on: https://app.chaingpt.org/news