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

A recent breakthrough in quantum computing has brought the threat of quantum attacks on cryptocurrency one step closer to reality. Quantum security startup Project Eleven has awarded a 1 bitcoin bounty, worth approximately $78,000, to independent researcher Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement represents the largest public demonstration of its kind and has significant implications for the security of major blockchains, including Bitcoin and Ethereum. Elliptic curve cryptography, which enables crypto wallets to prove control over funds without revealing private keys, is vulnerable to quantum computer attacks using Shor's algorithm. Although Lelli's result does not pose an immediate threat to Bitcoin, which uses 256-bit elliptic curve security, it highlights the rapid progress being made in quantum computing and the need for the cryptocurrency community to develop post-quantum transition plans. In fact, estimates suggest that the resource requirements for a full 256-bit attack are decreasing rapidly, with some predictions putting the cost below 500,000 physical qubits. As a result, Bitcoin developers are exploring migration paths, including the proposed BIP-360, which would introduce quantum-safe address types. The concern is particularly pressing for wallets with publicly visible keys, with approximately 6.9 million bitcoin at risk. The achievement serves as a wake-up call for the cryptocurrency community to prioritize quantum-resistant security measures and develop strategies to mitigate the potential risks associated with quantum computing.