The AES (Advanced Encryption Standard) cipher (aka Rijndael) shows a potential weakness. See:
http://www.minrank.org/aes/
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In a recent paper, Nicolas Courtois and Josef Pieprzyk show that Rijndael can be written as an overdefined system of multivariate quadratic equations (MQ). For example authors show that for 128-bit Rijndael, the problem of recovering the secret key from one single plaintext can be written as a system of 8000 quadratic equations with 1600 binary unknowns. Thus the security of Rijndael requires that there are no efficient algorithms for solving such systems. In a paper published at Eurocrypt 2000 Shamir et al. describe an algorithm called XL (or/and FXL) that seems to solve such systems in subexponential time.