Cryptos vulnerability to quantum computers is currently overblown

Chinese researchers have successfully used a D-Wave quantum computer to breach encryption algorithms that are used to secure bank accounts, top-secret military data, and crypto wallets, according to a report in the South China Morning Post. This is the first time that a real quantum computer has posed a substantial threat to multiple full-scale substitution-permutation network (SPN) algorithms. The research paper discusses breaking the Rivest-Shamir-Adleman (RSA) encryption, one of the oldest and most widely used public-key cryptosystems. Although details about the research are limited, if the results can be duplicated, it would be a significant advancement in quantum computing. However, it is unclear how much of a threat this poses to cryptocurrencies and blockchain technology. The Shanghai University researchers have not released the paper in English and are not giving interviews due to the sensitivity of the topic. The significance of the threat to password-protection mechanisms used in industries like banking and cryptocurrencies remains uncertain without more details from the research.