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, earning a 1 bitcoin bounty from quantum security startup Project Eleven. This achievement marks a significant milestone, with the bounty valued at approximately $78,000. Although bitcoin's 256-bit elliptic curve security remains intact, this demonstration highlights the rapidly advancing capabilities of quantum computers in compromising cryptographic systems. Elliptic curve cryptography, which enables crypto wallets to verify fund ownership without revealing private keys, is vulnerable to quantum attacks using Shor's algorithm. Lelli's feat does not imply that bitcoin is on the verge of being compromised, but it underscores the need for the community to address quantum-resistant security measures. Project Eleven's Q-Day Prize was designed to assess the progress of quantum attacks on real-world cryptography-based products, and Lelli's achievement has exceeded expectations, expanding the previous public demonstration by a factor of 512 in just seven months. The implications of this breakthrough are far-reaching, with roughly 6.9 million bitcoin, approximately one-third of the total supply, potentially at risk due to exposed public keys. In response, bitcoin developers have proposed migration plans, including the introduction of quantum-safe address types, while other blockchain platforms, such as Ethereum and Ripple, have also published post-quantum transition plans.