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

The threat of quantum attacks on cryptocurrency has become more tangible. Quantum security startup Project Eleven awarded a 1 bitcoin bounty, worth around $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 its kind, posing a potential threat to bitcoin, ether, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is being challenged by quantum computers running Shor's algorithm. Although Lelli's result does not immediately compromise bitcoin's security, which uses 256-bit elliptic curve security, it signifies a significant step forward in quantum attacks on real-world cryptography. 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 resource requirements for such attacks continue to decrease, concerns grow for wallets with publicly visible keys, estimated to hold around 6.9 million bitcoin. In response, bitcoin developers are exploring migration paths, including the introduction of quantum-safe address types.