Breakthrough in Quantum Attack: Researcher Claims 1 Bitcoin Bounty

The threat of quantum attacks on bitcoin's underlying technology has become more tangible, following a notable breakthrough by independent researcher Giancarlo Lelli. Lelli has been awarded a 1 bitcoin bounty, equivalent to approximately $78,000, by quantum security startup Project Eleven for successfully breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement marks a significant 512-fold increase from the previous public demonstration in September 2025. Elliptic curve cryptography, which enables crypto wallets to prove control over funds without revealing private keys, is a crucial component of bitcoin's security. However, the advent of quantum computers running Shor's algorithm poses a challenge to this assumption. Although Lelli's result does not imply an imminent threat to bitcoin, which utilizes 256-bit elliptic curve security, it highlights the rapidly advancing field of quantum attacks on cryptography-based products. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result represents a substantial expansion in just seven months. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing, with a recent Google Research paper placing the cost below 500,000 physical qubits. This development has significant implications 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 cryptocurrencies, such as Ethereum and Ripple, have also published post-quantum transition plans.