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 an independent researcher, Giancarlo Lelli, broke a 15-bit elliptic curve key on publicly accessible quantum hardware, earning a 1 bitcoin bounty worth approximately $78,000. This breakthrough is considered the largest public demonstration of its kind, posing a potential threat to bitcoin, ether, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is vulnerable to quantum computers running Shor's algorithm. Although Lelli's achievement does not immediately compromise bitcoin's security, which relies on 256-bit elliptic curve security, it highlights the rapid progress in quantum attacks. The previous public break was a 6-bit demonstration, and Lelli's result marks a 512-fold increase in just seven months. The barrier to running such attacks is decreasing, with estimated resource requirements dropping significantly. This development has sparked concerns, particularly 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, Tron, StarkWare, and Ripple have also published post-quantum transition plans.