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

The threat of quantum attacks 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 control without revealing private keys, is being challenged by quantum computers utilizing Shor's algorithm. Although Lelli's result does not immediately jeopardize Bitcoin, which uses 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. Theoretical estimates suggest that the resource requirements for such attacks are rapidly decreasing, making them more feasible. Project Eleven's CEO, Alex Pruden, notes that the barrier to running these attacks is dropping, and the concern is particularly pressing for wallets with visible public keys on-chain, estimated to hold around 6.9 million bitcoin. In response, Bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types, while other cryptocurrencies like Ethereum and Ripple have also published post-quantum transition plans.