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

The potential quantum threat to Bitcoin's security has become more tangible with the latest 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, Ethereum, and other major blockchains. Elliptic curve cryptography, which enables crypto wallets to prove fund ownership without revealing private keys, is being challenged by quantum computers utilizing Shor's algorithm. Although Lelli's result is significant, it does not mean Bitcoin is on the verge of being compromised, as it uses 256-bit elliptic curve security. The prize was designed to test the feasibility of 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 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 addresses, with approximately 6.9 million Bitcoin at risk. To address this concern, Bitcoin developers have proposed migration paths, including the introduction of quantum-safe address types. The achievement has sparked a growing interest among Bitcoin developers and the broader community, highlighting the need for increased awareness and preparedness for potential quantum threats.