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

The threat of quantum attacks on cryptocurrency has become more real after a researcher successfully broke a 15-bit elliptic curve key. Quantum security startup Project Eleven awarded a 1 bitcoin prize to Giancarlo Lelli for achieving this feat on publicly accessible quantum hardware. This breakthrough has significant implications for the security of cryptocurrencies such as Bitcoin and Ethereum, which rely on elliptic curve cryptography to secure transactions. While Lelli's result does not pose an immediate threat to Bitcoin, it highlights the growing concern of quantum attacks on the underlying technology. The previous public demonstration was a 6-bit break, and Lelli's achievement marks a 512-fold increase in just seven months. The use of quantum computers running Shor's algorithm challenges the assumption that deriving a private key from a public key is impossible. However, it is essential to note that Bitcoin uses 256-bit elliptic curve security, making it still secure for now. The prize was designed to test the progress of quantum attacks on real-world cryptography-based products. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing rapidly, with a recent Google Research paper estimating the cost to be below 500,000 physical qubits. This has significant implications for wallets with public keys already visible on-chain, with approximately 6.9 million bitcoin at risk. As a result, developers are proposing migration paths, including the introduction of quantum-safe address types, to mitigate this risk.