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

The threat of quantum attacks on bitcoin has become more pronounced, as an independent researcher, Giancarlo Lelli, has broken a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement has earned Lelli a 1 bitcoin bounty, worth approximately $78,000, as part of the Q-Day Prize awarded by quantum security startup Project Eleven. The breakthrough is significant, as it demonstrates the largest public demonstration of a quantum attack that could potentially threaten bitcoin, ether, and other major blockchains. Elliptic curve cryptography is a critical component of cryptocurrency wallets, enabling them to prove control over funds without revealing private keys. However, quantum computers running Shor's algorithm can challenge this assumption, posing a potential risk to the security of these wallets. Lelli's achievement does not mean that bitcoin is on the verge of being compromised, as it uses 256-bit elliptic curve security, which is substantially more secure than the 15-bit key that was broken. Nevertheless, the result highlights the rapid progress being made in quantum attacks, with the previous public break being a 6-bit demonstration just seven months ago. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing rapidly, with some estimates putting the cost below 500,000 physical qubits. This has significant implications for wallets with public keys that are already visible on-chain, with approximately 6.9 million bitcoin sitting in such addresses. To address this concern, bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types. The achievement serves as a reminder of the need for the cryptocurrency community to remain vigilant and proactive in addressing the potential risks posed by quantum attacks.