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

The perceived threat of quantum attacks to Bitcoin's security has become more tangible. Quantum security startup Project Eleven awarded a 1 bitcoin bounty, valued at approximately $78,000, to Giancarlo Lelli for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement represents the largest public demonstration of a potential attack on Bitcoin 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 utilizing Shor's algorithm. Although Lelli's feat is significant, it does not pose an immediate threat to Bitcoin, as it uses 256-bit elliptic curve security. The breakthrough highlights the rapid progress being made in quantum attacks, with the previous public demonstration being a 6-bit break. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing, with some predictions putting the cost below 500,000 physical qubits. As a result, concerns are growing for wallets with publicly visible keys, with approximately 6.9 million bitcoin at risk. To address this, developers are exploring migration paths, including the introduction of quantum-safe address types.