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

The threat of quantum attacks on bitcoin has become more tangible with the latest breakthrough. Quantum security startup Project Eleven has awarded its 1 bitcoin Q-Day Prize, valued at approximately $78,000, to independent researcher Giancarlo Lelli for successfully breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This feat, which involved deriving a private encryption key from its public counterpart, represents the largest public demonstration of its kind and has significant implications for the security of bitcoin, ether, and other major blockchains. Elliptic curve cryptography, the mathematical foundation that enables crypto wallets to prove fund control without revealing private keys, is being challenged by quantum computers utilizing Shor's algorithm. While Lelli's achievement does not pose an immediate threat to bitcoin, which relies on 256-bit elliptic curve security, it underscores the rapid progress being made in quantum attacks on real-world cryptography-based products. The previous public break, a 6-bit demonstration by Steve Tippeconnic in September 2025, has been eclipsed by Lelli's 15-bit result, marking a 512-fold increase in just seven months. As the barrier to running quantum attacks continues to drop, concerns are growing, particularly for wallets with public keys already visible on-chain, estimated to hold around 6.9 million bitcoin. In response, bitcoin developers are exploring migration paths, including the proposed BIP-360, which would introduce quantum-safe address types.