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

The threat of quantum attacks on bitcoin has become more tangible after an independent researcher, Giancarlo Lelli, broke a 15-bit elliptic curve key on publicly accessible quantum hardware, a feat that earned him a 1 bitcoin bounty from quantum security startup Project Eleven. This achievement marks the largest public demonstration of its kind, sparking concerns about the potential vulnerability of bitcoin and other major blockchains to quantum attacks. Elliptic curve cryptography, which underpins the security of crypto wallets, relies on the difficulty of deriving a private key from its public counterpart. However, quantum computers can potentially exploit this using Shor's algorithm, a quantum technique that challenges the underlying logic of these cryptographic systems. Although Lelli's breakthrough does not immediately compromise bitcoin's security, which uses 256-bit elliptic curve security, it signifies a significant advancement in the field. The previous public demonstration was a 6-bit break, and Lelli's 15-bit achievement represents a 512-fold increase in just seven months. This rapid progress underscores the need for the crypto community to develop and implement quantum-safe solutions. Project Eleven's CEO, Alex Pruden, noted that the resource requirements for such attacks are decreasing, making them more feasible. The concern is particularly acute for wallets with publicly visible addresses, with approximately 6.9 million bitcoin at risk. In response, bitcoin developers have proposed migration plans, including the introduction of quantum-safe address types, while other cryptocurrencies like Ethereum and Ripple are also exploring post-quantum transition strategies.