Bitcoin Wallet Hacked in 9 Minutes? The Fear of Quantum Computers Becomes Reality

▲ Bitcoin (BTC), Quantum Computer/ChatGPT generated image ©

The fear that quantum computers could break through the ironclad security of cryptocurrencies is finally becoming a reality. An unprecedented event has occurred where an Elliptic Curve Cryptography (ECC) key was actually hacked using publicly available quantum computing technology, triggering the largest security alert ever for the Bitcoin (BTC) network.

According to the cryptocurrency media outlet Finbold on April 24 (local time), Project Eleven, a quantum computing research organization, awarded 1 Bitcoin to Giancarlo Relli, an independent researcher who successfully hacked a 15-bit Elliptic Curve Cryptography key. The researcher successfully extracted a private key from a public key by breaking through 32,767 possible combinations using cloud-based public quantum hardware.

This achievement comes just eight months after Steve Tippeconnic demonstrated a 6-bit hack in September 2025. This means the success probability of a quantum attack has surged by 512 times in a short period. Alex Pruden, CEO of Project Eleven, warned that the resource requirements for such attacks are continuously decreasing, and the barriers that prevented actual execution are also rapidly falling.

Of course, the Bitcoin network is not collapsing immediately. While Bitcoin wallets use complex 256-bit private keys, so a 15-bit hack success does not mean an immediate threat, the technological leap achieved in less than a year is very alarming. Google researchers previously predicted that powerful quantum computers would be able to solve the Elliptic Curve Discrete Logarithm Problem (ECDLP) by 2029.

Specifically, Google projected that by around 2029, quantum computers could decrypt a private key from a public key and intercept transactions in less than 10 minutes, the Bitcoin block generation time, specifically in 9 minutes. Currently, approximately 6.9 million Bitcoins are held in wallets with exposed public keys, with a value of a staggering $534.3 billion. Accordingly, there is a growing call for the blockchain industry to swiftly transition to post-quantum cryptographic technologies.

Breaking through a 256-bit defense from 15 bits is an enormous engineering challenge, but the pace of quantum technology development could exceed market expectations. Project Eleven is currently preparing for the next phase of challenges, combining the highest-level artificial intelligence models with quantum cryptanalysis technology, to prepare for the immense security threats of the coming quantum era.

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