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

The perceived threat of quantum attacks to Bitcoin's security has become more tangible. Quantum security startup Project Eleven recently awarded its 1 bitcoin Q-Day Prize to independent researcher Giancarlo Lelli, who successfully broke a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement derives a private encryption key from its public counterpart, with the bounty valued at approximately $78,000. The demonstration is reportedly the largest public display of an attack class that could potentially threaten Bitcoin, Ethereum, and other major blockchains. Elliptic curve cryptography enables a crypto wallet to prove fund control without revealing its private key, but quantum computers running Shor's algorithm challenge this by attacking the underlying logic securing those signatures. Although Lelli's result does not signify an imminent threat to Bitcoin, given its 256-bit elliptic curve security, it does indicate a substantial increase in quantum attack capabilities. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result marks a 512-fold expansion in just seven months. This development underscores the need for post-quantum transition plans, with proposed solutions including BIP-360 for Bitcoin and similar plans for Ethereum, Tron, StarkWare, and Ripple.