Quantum computers have special properties that make them capable of breaking commonly used encryption schemes. We're dependent on those schemes for secure communication, like logging into a bank website. Due to this, the organization NIST has been working on finding encryption schemes that would be diffcult to break with a quantum computer.
NIST was at the stage of this project where they felt reasonably confident that three specific encryption schemes met the requirements. This is after review of many candidates. Rainbow made it to the top three. Ward Buellens essentially managed to break Rainbow, thereby making it ineligible for use in a quantum computer-powered future.
I assume this puts the two remaining candidates' eligibility into question. Were the requirements lacking, or is the project inherently at risk of failure due to the nature of quantum computing?