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

The theoretical threat of a quantum attack on 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 marks the largest public demonstration of its kind, posing a potential threat to the security of Bitcoin, Ethereum, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is vulnerable to quantum computer attacks using Shor's algorithm. Although Lelli's result does not immediately compromise Bitcoin's security, which uses 256-bit elliptic curve security, it highlights the growing concern of quantum attacks on cryptographic systems. The previous public break was a 6-bit demonstration, and Lelli's 15-bit result represents a significant expansion. Theoretical estimates suggest that the resource requirements for a full 256-bit attack are decreasing rapidly, with a recent Google Research paper estimating the cost to be below 500,000 physical qubits. This development has sparked concern among Bitcoin developers, with proposed migration paths, including BIP-360, aiming to introduce quantum-safe address types. The threat is particularly pressing for wallets with publicly visible keys, estimated to hold around 6.9 million bitcoin, approximately one-third of the total supply.