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

The threat of quantum attacks on bitcoin's underlying technology has become more tangible. Quantum security startup Project Eleven recently 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 a significant milestone, as it demonstrates the largest public demonstration of a quantum attack that could potentially threaten bitcoin and other major blockchains. Elliptic curve cryptography is the foundation that enables crypto wallets to prove fund ownership without revealing private keys. However, quantum computers running Shor's algorithm pose a challenge to this assumption. Although Lelli's result does not imply that bitcoin is on the verge of being compromised, as it utilizes 256-bit elliptic curve security, the achievement highlights the rapid progress being made 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 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, particularly for wallets with public keys already visible on-chain, estimated to hold approximately 6.9 million bitcoin. To address this concern, bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types. The achievement serves as a reminder of the rapidly evolving landscape of quantum attacks and the need for the community to remain vigilant and proactive in developing countermeasures.