TLDR
- Former Wall Street trader Josh Mandell claims quantum technology is being used to steal Bitcoin from dormant wallets.
- Mandell argues that a large player is secretly accumulating Bitcoin without impacting the market.
- The Bitcoin community, including Harry Beckwith and Matthew Pines, strongly rejects Mandell’s theory.
- Experts believe that on-chain analysis is the only obstacle in detecting such thefts.
- Quantum computing could eventually pose a threat to Bitcoin’s security, but it is not a concern yet.
Former Wall Street trader Josh Mandell recently claimed that old Bitcoin are being stolen from long-dormant wallets. Mandell, who became well-known earlier this year for his accurate Bitcoin price prediction, argues that a large player is secretly acquiring Bitcoin. He suggests that this is happening without using the open market, which would typically reveal such transactions.
Mandell believes that the use of advanced technology is key to executing these thefts. He stated that the large player has discovered a way to access old wallets. However, Mandell pointed out that on-chain analysis is the primary method to detect such activity. He insists that the only obstacle standing in the way is tracking the transactions using blockchain analysis.
Bitcoin Community Pushes Back Against Mandell’s Theory
The Bitcoin community has quickly rejected Mandell’s theory, calling it far-fetched. Harry Beckwith, founder of Hot Pixel Group, stated, “There is literally no chance this is currently happening.” Many members of the community expressed their disbelief, suggesting that the idea of stealing Bitcoin from old wallets is highly unlikely.
Quantum is already online and its being used by a large player to "acquire" coins from dormant, seemingly deceased, wallets. The large player has figured out how to acquire large amounts of coin without using the market this way. The only problem is on-chain tracking.
— Josh Man (@JoshMandell6) September 7, 2025
Matthew Pines, executive director of the Bitcoin Policy Institute, also dismissed Mandell’s claims as false. He further criticized the theory, stating that it lacks any solid evidence. In response to Mandell’s claim, one social media user quipped, “That’s enough computer time for you today, grandpa.”
Bitcoin Faces Future Quantum Computing Threat
Quantum computing has made significant strides over the past year, with advances from companies like Microsoft and Google. However, experts agree that the technology is still far from threatening Bitcoin’s security. Some believe quantum computing could eventually break Bitcoin’s cryptography within the next 20 years.
Jameson Lopp, a prominent cypherpunk, warned about the risks of quantum computing on Bitcoin. He suggested that Bitcoin could be vulnerable if quantum-powered theft becomes widespread. Lopp even proposed burning quantum-vulnerable Bitcoins to prevent large-scale theft from crashing the cryptocurrency’s price.
