Researcher Claims 1 Bitcoin Prize for Successful Quantum Attack on Elliptic Curve Cryptography

The threat of quantum attacks on bitcoin has become more real with the latest breakthrough by Giancarlo Lelli, who has been awarded 1 bitcoin for breaking a 15-bit elliptic curve key on publicly accessible quantum hardware. This achievement is significant as it marks a 512-fold increase over the previous public demonstration in September 2025. The prize, worth approximately $78,000, was awarded by quantum security startup Project Eleven as part of its Q-Day Prize. Elliptic curve cryptography is the foundation of bitcoin's security, enabling wallets to prove control over funds without revealing private keys. However, quantum computers using Shor's algorithm can potentially compromise this security. Lelli's achievement does not pose an immediate threat to bitcoin, as it uses 256-bit elliptic curve security, but it does highlight the rapid progress being made in quantum attacks. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result represents a significant leap forward. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing rapidly, with some estimates putting the cost below 500,000 physical qubits. This has significant implications for wallets with public keys already visible on-chain, with approximately 6.9 million bitcoin at risk. To mitigate this threat, bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types. The latest development has heightened interest in post-quantum transition plans, with Ethereum, Tron, StarkWare, and Ripple also working on similar solutions.