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

The theoretical threat of quantum attacks on bitcoin has become more tangible after a researcher successfully broke a 15-bit elliptic curve key. Quantum security startup Project Eleven awarded a 1 bitcoin prize, valued at approximately $78,000, to Giancarlo Lelli for his achievement. This breakthrough demonstrates the largest public demonstration of a potential attack on bitcoin and other major blockchains, utilizing publicly accessible quantum hardware to derive a private encryption key from its public counterpart. Elliptic curve cryptography, which enables crypto wallets to prove fund control without revealing private keys, is the foundation of this research. While Lelli's result does not immediate threaten bitcoin, which uses 256-bit elliptic curve security, it highlights the rapid progress in quantum attacks. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result represents a 512-fold increase in just seven months. Theoretical estimates suggest the resource requirements for a full 256-bit attack are decreasing, with a Google Research paper recently estimating the cost to be below 500,000 physical qubits. This development has significant implications, particularly for wallets with publicly visible keys, with Project Eleven estimating around 6.9 million bitcoin are at risk. In response, bitcoin developers have proposed migration paths, including BIP-360, which would introduce quantum-safe address types. The achievement underscores the growing concern and urgency for the bitcoin community to address the potential threat of quantum attacks.