Bitcoin News Today: Naoris Offers $120,000 to Test Blockchain Crypto Against Quantum Threats

Cybersecurity firm Naoris has launched a high-stakes bounty program to test the quantum vulnerability of major cryptographic algorithms used in blockchain networks. The initiative, announced in early May, offers rewards totaling $120,000—equivalent to roughly one Bitcoin—for successful attacks on cryptographic standards underpinning Bitcoin, Ethereum, Solana, and other systems. The firm aims to stress-test these algorithms ahead of potential advancements in quantum computing that could one day threaten digital security [1].

The largest reward—$50,000—is reserved for anyone who can break the secp256k1 algorithm, the cryptographic foundation for Bitcoin and Ethereum. A $30,000 bounty is offered for breaking Ed25519, used by Solana and encrypted messaging platforms like Signal and WhatsApp. Smaller rewards are also available for breaking the NIST P-224, P-384, and P-521 elliptic curves, with amounts varying depending on the algorithm’s complexity and usage [1].

The implications of these algorithms being compromised are far-reaching. A breach of secp256k1 could render Bitcoin, the Lightning Network, and many Ethereum layer-2 protocols insecure. Similarly, a successful attack on Ed25519 would disrupt secure server access systems, undermine Git version control, and threaten DNS security. NIST P-224, already considered outdated, is slated for deprecation by 2030 due to its relative ease of compromise [1].

Although current estimates suggest that breaking secp256k1 would take around 10 billion trillion years using today’s GPU technology, the possibility of future quantum computing breakthroughs has spurred proactive action. In a notable move, a new Bitcoin Improvement Proposal (BIP) aims to phase out legacy signature schemes to reduce quantum risks. The proposal warns that a successful quantum attack could disrupt Bitcoin’s economic ecosystem and undermine miners' ability to secure the network [1].

Adam Back, CEO of Blockstream and a figure referenced in the Bitcoin white paper, has discussed how quantum computing could indirectly reveal whether the pseudonymous creator of Bitcoin is still active. If quantum attacks made Satoshi Nakamoto’s holdings vulnerable, it could force them to move their funds to more secure storage, potentially confirming their continued involvement in the network [1].

Meanwhile, researchers are exploring blockchain-agnostic solutions. Sui Research recently introduced a cryptographic framework designed to protect multiple blockchains from quantum threats without requiring hard forks or address changes. However, this approach does not currently support Bitcoin or Ethereum, highlighting the challenges of implementing universal quantum-resistant solutions [1].

Naoris’s bounty program reflects a growing awareness of quantum risks in the crypto community. While experts agree that quantum computing is unlikely to pose an immediate threat, the initiative underscores the importance of preparing for the future. The program not only incentivizes researchers to test the resilience of cryptographic standards but also contributes to the broader effort of strengthening digital infrastructure against emerging technological challenges [1].

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[1] Bitcoin’s quantum threat: Naoris offers bounty to break crypto encryption (https://cointelegraph.com/news/bounty-to-be-paid-to-whoever-breaks-bitcoin-s-cryptography-by-naoris)