The bitcoin restaking firm BounceBit, backed by YZi Labs, announced the shutdown of its blockchain after a hacker exploited an authorization vulnerability and stole over $3.1 million in BB tokens. Between August 19 and August 20, attackers managed to move 286 million BB tokens from nine wallets on BounceBit Chain. The flaw originated from a vesting and lockup account module hosted by Evmos, the infrastructure on which the blockchain was built and which is no longer maintained. As a result, BounceBit will not be able to implement a network upgrade and will migrate all BB tokens, except those held by attackers, to the BEP-20 standard on BNB Chain. The company had raised $6 million in 2024 during a seed round co-led by Blockchain Capital and Breyer Capital.
Source: Read the original article
