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

The potential quantum threat to Bitcoin's security has become more tangible with a recent breakthrough. Quantum security startup Project Eleven awarded a 1 bitcoin bounty, worth approximately $78,000, to independent researcher 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 and has significant implications for the security of Bitcoin and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is vulnerable to quantum attacks using Shor's algorithm. Although Lelli's result does not pose an immediate threat to Bitcoin, which uses 256-bit elliptic curve security, it underscores the need for vigilance and the importance of developing quantum-safe solutions. 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 barrier to running quantum attacks continues to drop, the concern for wallets with visible public keys on-chain grows, with an estimated 6.9 million bitcoin at risk. In response, developers have proposed migration plans, including the introduction of quantum-safe address types, to mitigate the potential threat.