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

The threat of quantum attacks on bitcoin has become more tangible after a researcher successfully broke a 15-bit elliptic curve key on publicly accessible quantum hardware. Quantum security startup Project Eleven awarded a 1 bitcoin prize, worth approximately $78,000, to independent researcher Giancarlo Lelli for his achievement, which is the largest public demonstration of its kind to date. This breakthrough has significant implications for the security of bitcoin and other major blockchains, as it highlights the potential risks associated with quantum computing. Elliptic curve cryptography, the math behind crypto wallets, relies on the assumption that deriving a private key from a public key is virtually impossible. However, quantum computers running Shor's algorithm can challenge this assumption, potentially compromising the security of these wallets. Although Lelli's result does not pose an immediate threat to bitcoin, which uses 256-bit elliptic curve security, it demonstrates the rapid progress being made in quantum attacks. The previous public break was a 6-bit demonstration, and Lelli's achievement represents a 512-fold increase in just seven months. Theoretical 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, the concern for wallets with visible public keys on-chain is growing, with approximately 6.9 million bitcoin at risk. To address this issue, bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types, while other blockchain platforms have also published post-quantum transition plans.