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

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

The fear that quantum computers could break the ironclad security of cryptocurrencies is finally becoming a reality. With the unprecedented event of an Elliptic Curve Cryptography (ECC) key actually being hacked using publicly available quantum computing technology, the Bitcoin (BTC) network has been put on its highest security alert ever.

According to crypto media outlet Finbold on April 24 (local time), Project Eleven, a quantum computing research organization, awarded 1 Bitcoin to independent researcher Giancarlo Relli, 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 8 months after Steve Tippeconnic demonstrated a 6-bit hack in September 2025. In a short period, the success probability of a quantum attack has surged by a staggering 512 times. Alex Pruden, CEO of Project Eleven, warned that the resource requirements for such attacks are continuously decreasing, and the barriers that previously prevented actual execution are rapidly falling.

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

In particular, Google projected that around 2029, quantum computers could intercept transactions by decrypting private keys from public keys in as little as 9 minutes, which is shorter than Bitcoin's block generation time of 10 minutes. Currently, approximately 6.9 million Bitcoins, valued at a staggering $534.3 billion, are held in wallets with exposed public keys. Consequently, there is a growing call for the blockchain industry to accelerate its transition to post-quantum cryptography technologies.

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

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