[Opinion: Post-quantum cryptography transition may force crypto exchanges to reconstruct wallet security architecture] Deep Tide TechFlow reports on March 9, according to Decrypt, that the latest research from Project Eleven indicates that if blockchain migrates to post-quantum cryptography, the address generation methods currently widely used by crypto exchanges may become invalid. Exchanges like Coinbase and Binance currently rely on hierarchical deterministic wallets (BIP32 standard), a system that allows operators to generate new deposit addresses via public keys on servers while keeping private keys in offline cold storage. However, researchers have found that under the post-quantum digital signature standard ML-DSA established by the U.S. National Institute of Standards and Technology (NIST), this architecture may not function. Conor Deegan, co-founder and CTO of Project Eleven, stated that if Bitcoin adopts ML-DSA without using a similar construction, the system will lose non-hardened derivation functionality, and exchanges, payment processors, and others will no longer be able to generate new receiving addresses solely through public keys.