Researcher Claims 1 Bitcoin Prize for Achieving Largest Quantum Attack on Underlying Technology

A recent quantum attack has brought the potential threat to Bitcoin's security one step closer to reality. Quantum security startup Project Eleven awarded a 1 bitcoin prize, valued at approximately $78,000, to independent researcher Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement is considered the largest public demonstration of its kind and has significant implications for the security of Bitcoin, Ethereum, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove control over funds without revealing private keys, is being challenged by quantum computers utilizing Shor's algorithm. Although Lelli's result does not pose an immediate threat to Bitcoin's 256-bit elliptic curve security, it highlights the rapidly advancing capabilities of quantum attacks. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result represents a 512-fold increase in just seven months. As the resource requirements for such attacks continue to decrease, the concern for wallets with publicly visible keys grows, with an estimated 6.9 million bitcoin at risk. In response, developers are exploring migration paths, including the proposed BIP-360, to ensure the long-term security of Bitcoin and other cryptocurrencies.