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

The threat of a quantum attack on Bitcoin's underlying technology has become more tangible. Quantum security startup Project Eleven awarded a 1 bitcoin bounty, valued at approximately $78,000, to independent researcher Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement demonstrates the largest public demonstration of a quantum attack that could potentially threaten Bitcoin, Ether, and other major blockchains. Elliptic curve cryptography is the foundation that enables crypto wallets to prove ownership of funds without revealing private keys. However, quantum computers utilizing Shor's algorithm can challenge this assumption by attacking the underlying logic. Lelli's breakthrough does not signify an imminent threat to Bitcoin, as it uses 256-bit elliptic curve security, but it does highlight the rapid progress being made 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, with some predictions putting the cost below 500,000 physical qubits. This has significant implications 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 such as Ethereum, Tron, StarkWare, and Ripple have also published post-quantum transition plans.