Breakthrough in Quantum Attack: Researcher Claims 1 Bitcoin Bounty

The threat of quantum attacks on cryptocurrency has become more tangible with a recent breakthrough by independent researcher Giancarlo Lelli, who has been awarded a 1 bitcoin bounty by quantum security startup Project Eleven. Lelli achieved this feat by breaking a 15-bit elliptic curve key on publicly accessible quantum hardware, a significant milestone that surpasses the previous public demonstration by a factor of 512. This achievement highlights the potential risks associated with quantum computing and the need for cryptocurrency developers to prioritize quantum-resistant security measures. Elliptic curve cryptography, which underpins the security of most cryptocurrencies, including Bitcoin and Ethereum, relies on the difficulty of deriving a private key from its corresponding public key. However, quantum computers can potentially exploit this using Shor's algorithm, thereby compromising the security of these cryptographic systems. Although Lelli's accomplishment does not immediately jeopardize Bitcoin, which uses 256-bit elliptic curve security, it demonstrates the rapid progress being made in quantum attacks and the necessity for the cryptocurrency community to develop and implement quantum-safe solutions. The previous record, set by Steve Tippeconnic in September 2025, involved breaking a 6-bit key using IBM's 133-qubit quantum computer. In contrast, Lelli's use of cloud-accessible hardware to break a 15-bit key underscores the increasing accessibility of quantum computing capabilities. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing, with a recent Google Research paper indicating that the cost could be below 500,000 physical qubits. This trend, combined with the expanding capabilities of quantum hardware, emphasizes the urgency for cryptocurrency developers to migrate to quantum-safe address types and post-quantum transition plans. Project Eleven's CEO, Alex Pruden, noted that the barrier to running quantum attacks is decreasing, and the concern is particularly acute for wallets with public keys already visible on the blockchain, estimated to hold roughly 6.9 million bitcoin. In response, Bitcoin developers have proposed solutions like BIP-360, which aims to introduce quantum-safe address types, while other cryptocurrencies, such as Ethereum and Ripple, have also published their post-quantum transition plans.