Researcher Wins 1 Bitcoin for Cracking 15-Bit Encryption With Quantum Computer

Source

Uk Jin

Summary

Quantum computers are beginning to crack the elliptic curve cryptography used in Bitcoin (BTC).
Researcher Giancarlo Relli derived a 15-bit elliptic curve cryptographic private key with a quantum computer and received 1 Bitcoin as a reward.
Project Eleven said Bitcoin wallets are protected by 256-bit elliptic curve cryptography, a level of security that is difficult to compare with the 15-bit key cracked in this experiment.

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Quantum computers are beginning to crack the elliptic curve cryptography used in Bitcoin.

The Block reported on April 24 that researcher Giancarlo Relli derived a 15-bit elliptic curve cryptographic private key using a quantum computer.

The experiment was conducted as part of the Q-Day Prize program run by quantum security firm Project Eleven. Relli received 1 Bitcoin as a reward for deriving the key.

Project Eleven described the result as the largest quantum attack on elliptic curve cryptography to date.

Still, 15-bit elliptic curve cryptography is far below the level used on blockchains. Project Eleven said Bitcoin wallets are protected by 256-bit elliptic curve cryptography, giving them a level of security that is difficult to compare with the 15-bit key cracked in this experiment.