Bitcoin Developer Jameson Lopp Advocates for Freezing 5.6 Million BTC to Thwart Hackers

According to Jameson Lopp, a prominent Bitcoin core developer, it would be preferable to freeze the estimated 5.6 million lost bitcoin, valued at $420 billion, rather than risk them being exploited by future quantum hackers. Lopp emphasized that his primary concern is not to restrict access to anyone's bitcoin but to prioritize network security by potentially removing dormant tokens from circulation. His comments follow the release of BIP-361, a proposal that explores phasing out bitcoin's current cryptographic signatures and invalidating transactions from quantum-vulnerable wallets. Lopp noted that he does not favor the proposal but considers it a necessary contingency plan in the face of an existential threat. The proposal has sparked intense debate within the community, with some arguing that freezing dormant accounts would undermine Bitcoin's core principles of immutable and censorship-resistant ownership. Others, like market analyst Mati Greenspan, believe that the debate is more philosophical than technological and that freezing dormant coins could remove a significant tail-risk but also introduce a precedent of intervention. The discussion highlights the growing divide within the community, pitting the need to defend the network against potential future threats against the principles of unconditional ownership and the promise of 'unstoppable money'.