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 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, posing a potential threat to Bitcoin, Ethereum, 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 result does not immediately compromise Bitcoin's 256-bit elliptic curve security, it signifies a significant step forward in quantum attacks on real-world cryptography-based products. 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 theoretical resource estimates continue to decline, the barrier to running such attacks in practice is also decreasing. Project Eleven's CEO, Alex Pruden, noted that the winning submission came from an independent researcher using cloud-accessible hardware, highlighting the growing accessibility of quantum computing capabilities. The concern is particularly pressing for wallets with publicly visible addresses, with approximately 6.9 million bitcoin at risk. To address this, Bitcoin developers have proposed migration paths, including BIP-360, which would introduce quantum-safe address types. Other cryptocurrencies, such as Ethereum and Ripple, have also published post-quantum transition plans.