We show that the Lamport threshold signature scheme proposed by Vitalik Buterin is not existentially unforgeable under chosen message attacks (EU-CMA). In this work, we formalize the proposed threshold hash-based signature scheme, and show an attack that results in a 60-bit security reduction. Our attack completes in seconds in a setting with a single malicious adversary (the leader of a consensus round), thus contradicting the claim that even with 96 malicious colluding participants (out of a total of 256), an adversary can only make a signature for approximately 1 in 280 possible values. In summary, the original estimated security analysis of the proposed threshold signature scheme claimed security against an adversary in control of approximately a year of continuous work from the entire bitcoin network. Our attack, however, runs in seconds using a commodity laptop.