Public-evidence assessment finds 22 of 26 major exchanges show no qualifying evidence across six post-quantum migration criteria

SAN DIEGO, Calif., September 17, 2026

NFT Demon Holdings LLC has published The State of Exchange Quantum-Readiness 2026, a public-evidence survey assessing 26 major cryptocurrency exchanges against six criteria related to post-quantum migration readiness.

According to the survey, 22 of the 26 exchanges, including Binance, OKX, Bybit, Kraken, Gemini and Crypto.com, show no qualifying public evidence across the survey’s six criteria: a published migration plan, named algorithm targets, a dated timeline, a cryptographic inventory, deployed or piloted post-quantum cryptography, or executive commitment to act.

The survey evaluates each exchange using six criteria, with each criterion requiring concrete and attributable public evidence. The criteria include:

• Published migration plan

• Named post-quantum algorithm targets, such as ML-KEM (FIPS 203), ML-DSA (FIPS 204), or SLH-DSA (FIPS 205)

• Dated migration timeline

• Cryptographic key inventory

• Post-quantum cryptography deployed or piloted

• Executive acknowledgment and commitment to action

Among the exchanges assessed, Coinbase and KuCoin tie for the highest observed score at 4/6.

Coinbase’s score includes evidence of program breadth, including its PQ-CoreKMS key-management build and a full company-wide cryptography inventory. KuCoin’s score includes its operation of what the survey identifies as the industry’s only live post-quantum cryptography (PQC) test gateway.

Bithumb follows with a score of 3/6, based on its Aton-partnered full-lifecycle framework. BitMEX scores 1/6 for engaging in Bitcoin’s protocol-level quantum discussion through its “Quantum Canary” proposal.

“The standards have been final for two years, the harvesting of exposed keys has already started, and regulators have begun naming names,” said Jeremy Ryan, founder of NFT Demon Holdings and advisor to quantum-security firms QSAVE and QKey. “Twenty-two of twenty-six exchanges have no public plan. And to the leaders: 3/6 and 4/6 are better than zero, but the technology to reach 6/6 already exists. Not in concept; in practice.”

Ryan added that NFT Demon Holdings has developed a quantum-readiness approach intended to address the requirements identified in the survey.

“NFT Demon Holdings LLC is the only consulting firm I’m aware of that can accomplish 6/6 with no separate blockchain and no per-transaction fees, both of which are non-starters,” Ryan said. “This is particularly dangerous because so many resources are going into solutions built on those non-starters, setting the entire industry further back. It’s also the only solution I know of that offers insurance with protection. For companies holding billions of dollars of other people’s money, there is no longer an excuse to put that at risk.”

Survey Uses a Strict Public-Evidence Standard

The survey is deliberately structured around publicly verifiable evidence. A score of zero means that no public evidence was found, rather than establishing that an exchange has no internal quantum-readiness program.

The complete 26-row scorecard, scoring rubric, methodology and source ledger are available through NFT Demon Holdings’ published survey.

Read the full survey:The State of Exchange Quantum-Readiness 2026

Quantum-Readiness Advisory

NFT Demon Holdings provides quantum-readiness advisory services for cryptocurrency exchanges, custodians, wallet providers, private capital firms, financial institutions and funds. Its services range from key inventory and vendor evaluation to full migration planning.

About NFT Demon Holdings LLC

NFT Demon Holdings LLC is a San Diego consulting and development firm founded in 2022 by Jeremy Ryan, widely known as NFT Demon. The firm provides consulting, advisory and bespoke custom application development in blockchain, artificial intelligence and quantum computing for enterprises, public figures and governments.

Learn more atNFTDemon.com.

Media Contact Details
Jeremy Ryan Founder and CEO NFT Demon Holdings LLC
Email: Send Email
Phone: 858-327-1144
Website: nftdemon.com

Longtime TCF supporter Mike Nithavrianakis is taking on a series of international marathons to raise $1 million for children’s education in Pakistan 

CHICAGO, Illinois

Former British diplomat Mike Nithavrianakis is dedicating his 2026 marathon season to advancing children’s education in Pakistan through the Global Run for Education. The campaign aims to raise $1 million in support of The Citizens Foundation (TCF) and expand access to quality education for children from underserved communities.

Nithavrianakis has already completed the Milan Marathon on April 12, the London Marathon on April 26 and the Sydney Marathon on August 30. His campaign will continue with the Chicago Marathon on October 11 and the New York City Marathon on November 1, before culminating in Karachi on January 3, 2027.

The campaign builds on a relationship with TCF that began during Nithavrianakis’s diplomatic service in Pakistan. While serving as Deputy High Commissioner in Karachi and Trade Director for Pakistan for the British Government from 2019 to 2022, he visited a TCF school and saw firsthand both the scale of Pakistan’s education challenge and what access to quality education could make possible.

“My first school visit left a deep imprint,” Nithavrianakis said. “I have many lasting impressions, but the clearest memory is of interacting with a group of quite young pupils who were so engrossed that one could literally see their thirst for learning and knowledge.”

Nithavrianakis later combined his passion for running with fundraising for TCF. During his posting in Pakistan, he took on the London and Manchester Marathons within a week of each other, helping raise more than $350,000 to fund a new TCF campus in Matiari District, Sindh. TCF School, The Nithavrianakis Campus, now carries his family name.

The 2026 Global Run for Education builds on that earlier effort at a time when approximately 25.2 million children in Pakistan remain out of school. Based on TCF’s annual cost of educating one student, the campaign’s $1 million goal is equivalent to supporting roughly 6,000 students for a full academic year.

Economic hardship and limited access to affordable, quality schools continue to keep millions of children out of classrooms across Pakistan. TCF works to change that by bringing education closer to underserved communities with its 2,261 school units and expanding opportunities for girls who often face the greatest barriers to staying in school.

Its model also creates opportunities for women. TCF’s all-female faculty of 16,500 teachers provides local employment and helps build confidence among families sending their daughters to school. By combining access to education with women’s participation in the workforce, TCF aims to strengthen both individual opportunity and communities over the long term.

The Citizens Foundation, USA (TCF-USA) supports TCF’s education programs and initiatives in Pakistan.

“Mike’s campaign shows how a personal commitment can invite people around the world to take part in lasting change,” said Salman Hasan, CEO of TCF-USA. “Every mile draws attention to children who are still waiting for a classroom, and every donation helps create a real educational opportunity.”

Given the strong support for TCF across the United States, Nithavrianakis and Hasan are also considering how future race entries could help reach new supporters in 2027 and beyond.

For Nithavrianakis, the campaign remains rooted in a simple belief about opportunity.

“All any parent can hope for in life is that their child is given the same opportunities as others,” he said. “With TCF the sky’s the limit.”

Supporters can contribute to the Global Run for Education and follow Nithavrianakis’s progress as the campaign continues through the United States and beyond.

To support Mike Nithavrianakis’s 2026 Global Run for Education, visit:
https://fundraise.tcfglobal.org/fundraiser/891645838259/mike-s-2026-global-run-to-educate-6-000-children

To learn more about TCF-USA and its work, visit:
https://www.tcfusa.org/

About The Citizens Foundation, USA

The Citizens Foundation, USA is a U.S.-based 501(c)(3) tax-exempt nonprofit organization, Federal Tax ID 41-2046295, that supports the education of underserved children in Pakistan. TCF-USA has an active network of more than 40 chapters across the United States.

TCF-USA supports programs, initiatives, and projects of The Citizens Foundation in Pakistan. TCF was established in 1995 by a group of citizens seeking to create social change through education. The organization operates 2,261 purpose-built school units serving 320,000 students. Its all-female faculty includes 16,500 teachers, and TCF maintains a balanced gender ratio among students.

TCF-USA donors have helped build and support more than 800 elementary and secondary schools with an enrollment of over 122,000 girls and boys. TCF-USA’s Board of Directors maintains full discretion and control over donations and grants supporting projects in Pakistan. Contributions are tax-deductible in the United States to the fullest extent permitted by law.

Media Contact Details
Salman Hasan
The Citizens Foundation, USA
Email: Send Email
Phone: 888-729-3022

Prescription-only treatment gives clinicians a new way to treat eligible adults with moderate to severe major depressive disorder at home, either as a standalone treatment or alongside medication

Malmö, Sweden

Flow Neuroscience today announced that FL-100 is now available by prescription across the United States, introducing the first FDA-approved at-home transcranial direct current stimulation (tDCS) treatment for depression to the US market.

FL-100 is intended for the treatment of moderate to severe major depressive disorder in the current episode, either as monotherapy or as an adjunctive treatment, in patients aged 18 and older who are not considered treatment refractory to medication. It is available by prescription only.

The launch gives US clinicians and patients access to a different treatment modality for depression: targeted electrical stimulation that can be delivered at home as part of clinician-supervised care.

Depression remains a major public health challenge in the United States. According to the 2025 National Survey on Drug Use and Health, 19.7 million US adults experienced a major depressive episode in the previous year. The economic burden of major depressive disorder in the US reached an estimated $382.4 billion in 2023 [Greenberg PE et al, 2023].

Existing treatments, including antidepressants and psychotherapy, help many patients but do not meet every need. The introduction of FL-100 gives clinicians an additional evidence-based treatment option that can be used on its own or alongside medication for eligible patients.

“FDA approval was a major scientific and regulatory milestone for Flow, but making the treatment available to patients is the moment that really matters,” said Daniel Månsson, CEO and co-founder of Flow Neuroscience. “For the first time in the US, clinicians can prescribe an FDA-approved tDCS treatment for depression that patients can use in their own homes. It gives patients and clinicians another evidence-based option and a fundamentally different way of approaching depression treatment.”

Bringing brain stimulation treatment into the home

Flow Treatment combines the FL-100 Headset with a companion app. The headset applies a gentle electrical current to the left dorsolateral prefrontal cortex, an area of the brain involved in functions including the regulation of emotion.

Patients follow their prescribed treatment schedule at home, while the Flow app guides treatment, tracks changes in symptoms over time and allows adherence and outcome data to be shared with their clinician.

In Flow’s pivotal clinical trial, 57% of patients achieved remission (MADRS ≤12) at 10 weeks on a treatment protocol of 15 sessions during the first 3 weeks and 3 sessions per week thereafter. The study was published in Nature Medicine [Woodham RD et al, 2024].

The US launch follows several years of clinical and real-world use internationally. Flow has now been used by more than 65,000 people globally, with more than 1,200 healthcare professionals prescribing the treatment. In the UK, Flow is used across multiple NHS organisations and has become part of routine depression care in a number of services.

“Until now, delivering brain stimulation has typically presented practical barriers to widespread use in routine depression care,” said Dr. Kultar Garcha, Chief Medical Officer of Flow Neuroscience. “With Flow, once an appropriate patient has been prescribed treatment, they can follow that treatment at home while their clinician can monitor adherence and outcomes remotely as part of the patient’s comprehensive treatment plan. That creates the opportunity to make an evidence-based form of brain stimulation much easier to incorporate into everyday clinical care.”

Available by prescription across the US

To support the US launch, Flow is training clinicians nationwide and establishing simple prescription pathways designed to make FL-100 straightforward to integrate into routine clinical care.

Patients can be evaluated by a clinician in person or via telehealth, including through Flow Care, a telemedicine access pathway delivered by independent licensed healthcare professionals, to determine whether a prescription may be appropriate. Flow also provides training and support to licensed healthcare professionals who wish to evaluate and, where clinically appropriate, prescribe FL-100 for eligible patients.

FL-100 is available in the United States from September 1, 2026.

Patients and healthcare professionals can learn more at www.flowneuroscience.com.

About Flow Neuroscience

Flow Neuroscience is developing a new generation of electronic medicine for mental health.

Founded in Sweden, in 2016 by clinical psychologist Daniel Månsson and computational neuroscientist Erik Rehn, Flow combines neuroscience, technology and clinical evidence to develop new approaches to treating mental health conditions.

Its first treatment, Flow, combines transcranial direct current stimulation (tDCS) with a companion app to support treatment delivery, symptom tracking and clinician monitoring. Flow has been used by more than 65,000 people globally, is approved in the United States (FDA approval P230024), and is authorized for marketing in the UK, Europe and Australia.

Important Safety Information

Intended Use

The FL-100 Headset is intended for the treatment of moderate to severe major depressive disorder in the current episode, either as monotherapy or as an adjunctive treatment, in patients 18 and older who are not considered treatment refractory to medication.

For prescription use only (Rx only).

Contraindications

Do not use the device if you have:

• Open wounds, broken skin or damaged skin at the electrode site.
• Metallic skull reconstruction at the electrode site.

Warnings

Never change your treatment for depression (major depressive disorder) prior to discussing it with your medical provider.

The FL-100 Headset should never be applied to open wounds, damaged or irritated skin. New FL-100 Headset Pads should be used each time and should not be dry. Clean your forehead before using the device and never use tap water to wet Headset Pads.

Apply the FL-100 Headset only on the head as directed. Do not apply the headset anywhere except the head. Avoid activities that may cause the headset to move or change position during treatment. Keep the headset dry and out of the reach of children.

The FL-100 Headset should not be used around very strong magnetic fields, such as near an MRI machine.

Precautions

The device should only be used by people aged 18 years and older who are diagnosed with major depressive disorder and whose clinical course is supervised by a medical provider.

Discuss use with your clinician if you: are pregnant or think you might be pregnant, or become pregnant while using the device; currently have thoughts about suicide or harming yourself; have certain metal parts in or around the brain; have been diagnosed with epilepsy, seizures or a seizure disorder, or unexplained loss or alteration of consciousness; or have a chronic skin condition affecting the forehead or scalp.

There is a risk that the device is ineffective for an individual patient.

Ensure your forehead is free from makeup or hair products before starting stimulation, as not doing so can result in skin damage.

Possible Adverse Reactions

The most common adverse reactions include skin redness, itchy skin, stinging skin, skin irritation and headache.

For complete safety information, visit flowneuroscience.com/home/safety or speak with your healthcare provider.

Legal Manufacturer

Flow Neuroscience AB

Södra Tullgatan 3

211 40 Malmö, Sweden

Media contact

[email protected]

[email protected]