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

The theoretical threat of quantum attacks on bitcoin has become more tangible. Quantum security startup Project Eleven awarded a 1 bitcoin bounty, valued at approximately $78,000, to independent researcher Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement represents the largest public demonstration of its kind, posing a potential threat to bitcoin, ether, and other major blockchains. Elliptic curve cryptography is the foundation of crypto wallet security, enabling wallets to prove control over funds without revealing private keys. However, quantum computers utilizing Shor's algorithm can challenge this security by attacking the underlying logic. Lelli's achievement does not imply that bitcoin is on the verge of being compromised, as it uses 256-bit elliptic curve security. The prize was designed to assess the progress of quantum attacks on real-world cryptography-based products. The previous public break was a 6-bit demonstration by Steve Tippeconnic in September 2025. Lelli's 15-bit result marks a significant expansion of 512 times in just seven months. Theoretical estimates have also dropped rapidly, with a Google Research paper suggesting that a full 256-bit attack could be achieved with less than 500,000 physical qubits. This development has significant implications for wallets with publicly visible keys, with approximately 6.9 million bitcoin at risk. Bitcoin developers have proposed migration paths, including BIP-360, to address this concern. The achievement serves as a reminder of the rapidly evolving landscape of quantum attacks and the need for the community to develop post-quantum transition plans.