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

The threat of quantum attacks on bitcoin has become more tangible after a researcher demonstrated the ability to break a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement, which earned Giancarlo Lelli a 1 bitcoin bounty worth approximately $78,000, represents a significant leap from the previous public demonstration. The breakthrough is considered the largest public display of its kind, with implications for the security of bitcoin, ether, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove control over funds without revealing private keys, is vulnerable to quantum computer attacks using Shor's algorithm. Although Lelli's result does not pose an immediate threat to bitcoin, which uses 256-bit elliptic curve security, it highlights the rapid progress being made in quantum attacks on real-world cryptography-based products. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result marks a 512-fold increase in just seven months. As the resource requirements for such attacks continue to decrease, concerns grow for wallets with publicly visible keys, with approximately 6.9 million bitcoin at risk. In response, bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types, while other cryptocurrencies like Ethereum and Ripple have also published post-quantum transition plans.