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

The threat of quantum attacks on bitcoin has become more realistic after a researcher successfully broke a 15-bit elliptic curve key, a crucial component of the cryptocurrency's security. Quantum security startup Project Eleven awarded a 1 bitcoin bounty, worth approximately $78,000, to Giancarlo Lelli for his achievement. Although this breakthrough does not immediately compromise bitcoin's security, which relies on 256-bit elliptic curve cryptography, it marks a significant milestone in the development of quantum attacks. The previous public demonstration, a 6-bit break, was achieved using IBM's 133-qubit quantum computer. Lelli's result expanded this by a factor of 512 in just seven months, demonstrating the rapid progress in quantum computing capabilities. The concern is most pressing for wallets with publicly visible keys, with an estimated 6.9 million bitcoin at risk. In response, bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types, to mitigate the potential threat.