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

The threat of quantum attacks on bitcoin has become more tangible following a recent breakthrough. Quantum security startup Project Eleven awarded a 1 bitcoin prize, 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 the security of bitcoin, ether, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is the foundation of this security. However, quantum computers running Shor's algorithm can potentially compromise this security by deriving private keys from public ones. Although Lelli's achievement is significant, it does not immediately threaten bitcoin, as it uses 256-bit elliptic curve security. The prize was designed to assess the progress of quantum attacks on real-world cryptography-based products. The previous public break was a 6-bit demonstration in September 2025, and Lelli's result represents a 512-fold increase in just seven months. Theoretical estimates suggest that the resources required 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 has significant implications for wallets with publicly visible keys, 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 achievement serves as a reminder of the rapidly evolving landscape of quantum attacks and the need for the community to remain vigilant and proactive in addressing these emerging threats.