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

The perceived threat of quantum attacks to Bitcoin's security has become more tangible. 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, outpacing the previous record by a factor of 512. Elliptic curve cryptography, which enables crypto wallets to verify fund ownership without revealing private keys, is the foundation of Bitcoin's security. However, quantum computers utilizing Shor's algorithm pose a significant challenge to this security framework. Lelli's breakthrough, while significant, does not immediately compromise Bitcoin's security, as it uses 256-bit elliptic curve security. Nevertheless, this achievement underscores the progress being made in quantum attacks on real-world cryptography-based products. The previous public record, set by Steve Tippeconnic in September 2025, was a 6-bit demonstration using IBM's 133-qubit quantum computer. Lelli's 15-bit result represents a substantial expansion of this record in just seven months. Theoretical estimates suggest that the resource requirements 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 trend is concerning for wallets with publicly visible keys, with Project Eleven estimating that approximately 6.9 million bitcoin are stored in such addresses. In response, 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.