BounceBit is permanently shutting down its BounceBit Chain after a hack allowed the unauthorized transfer of 286.5 million BB tokens from nine ordinary mainnet accounts. The attack exploited a flaw in a built-in protocol module that failed to verify whether the debited account had authorized each transaction. The blockchain was halted to contain the exploit and no further unauthorized transfers occurred. BounceBit has decided to migrate the BB token to BNB Chain as a BEP-20 token, rather than rebuilding its own Layer 1 on an obsolete codebase, to benefit from mature security, deeper liquidity, and broader wallet support. The project plans to restore user balances using a pre-attack snapshot and has asked exchanges to freeze relevant funds.
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