Dragonfly Managing Partner Haseeb Qureshi characterized Justin Drake’s bunker mode as cryptographic doomerism and argued that moving tokens to new addresses does not address the core risk. He noted that the proposal would only shield assets that have not yet moved, while other addresses could still lose value if attacked and large-scale selling occurs.
Qureshi proposed an alternative called Cryptographic Recovery Mode, which relies on a hash-based backup signature framework. The idea would allow users to pre-bind a recovery mechanism so validators could help restore assets if a cryptographic signature is compromised.
Drake has warned that, as AI capabilities advance, the ECDSA signature scheme used to protect wallets could be broken in months rather than years, and he has urged users to gradually move funds to new wallets whose public keys have not been exposed.
Recent Glassnode data indicate roughly 6.26 million BTC are held in addresses that may face potential risk.