A new report from Project Eleven warns that quantum computing could put up to $3 trillion in digital assets at risk. The technology also threatens the security of banking systems, military communications, and digital identities, according to the analysis.
The scale of the threat
Project Eleven's report quantifies the potential damage in stark terms. The $3 trillion figure covers cryptocurrencies, tokenized assets, and other digital holdings. But the danger extends beyond financial markets. Banking infrastructure — from payment networks to settlement systems — relies on encryption that quantum machines could break. Military communications, often protected by advanced cryptographic protocols, face a similar vulnerability. Digital identities, used for everything from online banking to government services, could be forged or stolen.
Why quantum computers pose a unique danger
Today's encryption methods, such as RSA and ECC, are based on mathematical problems that classical computers find hard to solve. Quantum computers, once they reach sufficient scale, could solve those problems exponentially faster. That would render current security measures obsolete. The report does not specify a timeline, but the threat is considered a long-term but accelerating risk. Governments and industries have started shifting toward post-quantum cryptography, but the transition is slow.
Which sectors are most exposed
Banking systems are a prime target. A quantum attack on a central bank's payment infrastructure could disrupt economies. Military communications, including encrypted battlefield networks and satellite links, could be intercepted. Digital identity systems — national ID cards, biometric databases, and authentication platforms — would become unreliable. The report stresses that the risk is not hypothetical; it is a matter of when, not if, quantum machines mature.
What's being done — and what's not
Project Eleven's findings add urgency to ongoing standardization efforts. The U.S. National Institute of Standards and Technology is already finalizing quantum-resistant algorithms. Some financial firms have begun auditing their cryptographic inventories. But the report notes that many organizations have not started preparing. The cost of retrofitting legacy systems is high, and the timeline for quantum supremacy remains uncertain. That uncertainty, the report argues, is no excuse for delay.
The report does not name specific companies or governments that are vulnerable. It instead calls for a broader awareness campaign. The $3 trillion figure is a reminder that the stakes are enormous. Regulators and corporate leaders now face a race against time to secure the digital foundations of the global economy before the first practical quantum computer arrives.
