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

The potential quantum threat to Bitcoin's security has become more tangible with the latest breakthrough. Quantum security startup Project Eleven awarded a 1 bitcoin prize, valued at approximately $78,000, to Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement marks the largest public demonstration of a quantum attack that could potentially threaten Bitcoin, Ethereum, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove control over funds without revealing private keys, is the foundation of Bitcoin's security. However, quantum computers using Shor's algorithm can challenge this assumption by attacking the underlying logic. While Lelli's result does not pose an immediate threat to Bitcoin, which uses 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 15-bit result represents a 512-fold increase in just seven months. 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 raises concerns for wallets with publicly visible keys, with approximately 6.9 million bitcoin, or one-third of the total supply, potentially vulnerable to quantum attacks. In response, Bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types, while other blockchain platforms have also published post-quantum transition plans.