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 marks the largest public demonstration of its kind, posing a potential threat to Bitcoin, Ethereum, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is susceptible to quantum computer attacks using Shor's algorithm. Although Lelli's result does not immediately compromise Bitcoin's 256-bit elliptic curve security, it signifies a significant step forward in quantum attacks on real-world cryptography-based products. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result represents a 512-fold increase in just seven months. As the cost of quantum attacks continues 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 plans, including the introduction of quantum-safe address types, while other blockchain platforms have also published post-quantum transition plans.