On April 25, Project Eleven awarded the Q-Day prize to researcher Giancarlo Lelli, who successfully derived a 15-digit elliptic curve private key from a public key using publicly accessible quantum hardware. This marks the largest-scale public demonstration of its kind to date, improving 512 times over the 6-digit demonstration in September 2025. Lelli employed a variant of Shor's algorithm targeting the elliptic curve discrete logarithm problem, which is the mathematical foundation of Bitcoin's signature scheme, using hardware with approximately 70 qubits. Currently, no known quantum computer can crack real Bitcoin wallets, and the 256-bit elliptic curve security of Bitcoin remains far beyond current quantum capabilities. Notably, Google lowered its resource estimates for ECDLP-256 on March 31 and set a quantum cryptography migration target for after 2029. Cloudflare followed suit, and the UK's NCSC has also established migration milestones from 2028 to 2035. On-chain data indicates that approximately 6.93 million BTC are at potential quantum risk due to exposed public keys. The Bitcoin community has proposed BIP 360 and BIP 361 to promote the migration to quantum-resistant output types, but coordinating within a decentralized network remains the biggest challenge.
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Quantum Computer Breaks 15-Digit ECC Key; Bitcoin's 256-Bit Security Remains Safe, Migration Countdown Accelerates
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Arthur Hayes: More Concerned About Fed Nominee Waller's Comments on Balance Sheet Than Short-Term Interest Rates
On April 28, BitMEX founder Arthur Hayes spoke about the Federal Reserve at the Bitcoin 2026 conference, stating, "When Kevin Waller was nominated as the Fed's SEC chairman, everyone started to panic because during his tenure as a Fed governor— I believe from the 2008 financial crisis until the current president— he has been very critical of the Fed's massive balance sheet. He has publicly stated that he believes the Fed's balance sheet is too large and that he needs to find ways to shrink it while also being able to lower interest rates. Now, if you have read my articles, you know that I am a firm advocate of the idea that the quantity of money is more important than its price. Therefore, I am more concerned about his comments on the balance sheet than the direction of short-term interest rates. So, if the market believes that due to Waller's actions at the Fed, the liquidity of dollars circulating in the system will decrease, then they will be bearish on Bitcoin and other risk assets. This is the discussion we see in the media about a hawkish Fed emerging after Waller takes over in May. Now, I don't think so. I believe that essentially the Fed will replace reserves, treasury bonds, and repos and put them into the commercial banking system, and they will do this with the help of new regulations concerning how banks hold assets on their balance sheets and how much capital they need to hold against those assets. Finally, I think the most important point to understand about what Waller will or will not do at the Fed is that he has a very substantial hard constraint, which is that he needs to work with Treasury's Scott Bessen to ensure that any actions he takes regarding the Fed's balance sheet do not impair Bessen's ability to sell billions and trillions of dollars in bonds. -
SEC Chair: Reg GG Crypto to Allow Private Sector Token Sales Soon
On April 28, U.S. SEC Chair Gary Gensler stated in an interview at the Bitcoin 2026 conference that the agency will continue to advance other exciting initiatives, such as truly allowing companies to conduct on-chain experiments, build tokenized securities, and trade on-chain within the United States. We plan to release innovative exemption regulations in the coming weeks. Additionally, we will permit the private sector to raise funds through on-chain token sales, which we refer to as 'Reg GG Crypto.' These initiatives are in preparation and will be launched soon. Currently, there is a bill titled the 'Clarity Act' under consideration in Congress. We do need Congress to provide regulations in this area. We are ready, willing, and able to explain their regulations and translate them into rules that people can rely on and pursue their innovative ideas. It is important to emphasize that this is happening domestically in the U.S., so they do not have to go overseas. This is the core idea that truly matters here. -
SEC Chair Discusses Clarity Act: Codified Law Provides Greater Assurance for the Future
On April 28, during the Bitcoin 2026 Conference, SEC Chair Gary Gensler spoke about the Clarity Act, stating that the U.S. Securities and Exchange Commission has considerable operational flexibility under the regulations. However, we are constrained by existing authorities, which, despite some amendments over the years, fundamentally remain rooted in the framework established in the 1930s. This is why having a piece of legislation is so important; it can shield future developments from adverse impacts, allowing us to leverage new authorities and the flexibility provided by the Act. We can collaborate with the Commodity Futures Trading Commission to coordinate and clarify definitions, and further develop from there. But again, nothing provides greater assurance for the future than codified law, coupled with sound judicial opinions that engrave the provisions of the law in stone through the mechanisms of the entire court system. Therefore, all of this is very important, but we are focused on efforts to simplify processes, enhance efficiency, and assist innovators in their endeavors, enabling them to operate with certainty rather than being stifled by those who jealously guard the existing ways of doing things. However, we must ensure that we remain at the forefront of innovation in the United States. -
Meta Prepares to Withdraw Acquisition of Manus; Investors Including Tencent Plan to Cooperate
On April 28, the Wall Street Journal reported, citing informed sources, that after the Office of Foreign Investment Security Review under China's National Development and Reform Commission made a legal decision to prohibit foreign investment in the Manus project, Meta is preparing to withdraw from the acquisition deal. According to sources, if Meta proceeds with the withdrawal process, several former Asian investors in Manus, including Tencent, Sequoia China, and ZhenFund, have planned to cooperate. -
US Spot Bitcoin ETF Sees Net Outflow of $263.2 Million Yesterday
On April 28, according to monitoring data from Farside Investors, the US spot Bitcoin ETF experienced a net outflow of $263.2 million yesterday. -
US Spot Ethereum ETF Sees $50.4 Million Net Outflow
On April 28, according to monitoring data from Farside Investors, the US spot Ethereum ETF experienced a net outflow of $50.4 million yesterday. -
Bank of Japan Maintains Interest Rate, Meeting Expectations
On April 28, the Bank of Japan kept its target interest rate unchanged at 0.75% for the third consecutive meeting, in line with market expectations. -
DeFi United Raises Over 132,000 ETH to Fully Cover Kelp DAO Attack Losses
As of April 28, the latest data shows that DeFi United, initiated by Aave in response to the Kelp DAO hacking incident, has raised over $300 million in 132,000 ETH, fully covering the $292 million loss from the issuance of rsETH due to the attack on Kelp DAO. The main contributors to this rescue effort include: Arbitrum DAO with 30,765 ETH recovered; Consensys and founder Joseph Lubin providing 30,000 ETH; Mantle contributing 30,000 ETH; Aave DAO with 25,000 ETH; Aave founder Stani Kulechov with 5,000 ETH; Ether.Fi with 5,000 ETH; Lido with 2,500 ETH; Kelp with 2,000 ETH; Golem Foundation with 1,000 ETH; Aave engineering senior vice president Emilio Frangella with 500 ETH; and BGD Labs and co-founder Ernesto with 350 ETH. -
Iran Allegedly Begins Using Abandoned Oil Tanks for Storage
On April 28, according to The Wall Street Journal, Iran is urgently seeking new methods for oil storage to avoid devastating production shutdowns due to the U.S. Navy's blockade and stalled negotiations. As oil accumulates domestically, Iran is restarting abandoned sites known as 'garbage storage,' utilizing makeshift containers and attempting to continue exports via rail. These unconventional measures aim to delay the onset of an infrastructure crisis and weaken the U.S. leverage in the standoff in the Strait of Hormuz.
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