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

The threat of quantum attacks on bitcoin has become more tangible, as an independent researcher, Giancarlo Lelli, has been awarded a 1 bitcoin bounty for successfully breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement, recognized by quantum security startup Project Eleven, demonstrates a significant leap in the capability to attack the underlying technology of major cryptocurrencies like bitcoin and ether. While this breakthrough does not immediately compromise the security of bitcoin, which relies on 256-bit elliptic curve security, it underscores the rapidly advancing field of quantum computing and its potential implications for cryptocurrency security. Lelli's achievement is a 512-fold increase over the previous public demonstration, highlighting the accelerating pace of advancements in quantum attacks. The concern for cryptocurrency security is particularly pronounced for wallets with publicly visible addresses, with an estimated 6.9 million bitcoin at potential risk. In response, developers are exploring migration paths to quantum-safe address types, such as BIP-360, and other post-quantum transition plans to mitigate these risks.