BounceBit will permanently shut down its Layer 1 blockchain after an attacker moved 286.5 million BB tokens from nine mainnet accounts. The exploit leveraged a protocol-level authorization vulnerability rather than compromising private keys or wallets. The project will reissue its token as a BEP-20 asset on BNB Chain, with a snapshot taken to restore balances to their pre-incident state. BB token traded around $0.0111 on Saturday, up 16% over 24 hours, after hitting a record low of $0.0079 on August 20. The stolen supply amounts to approximately 13.6% of the 2.1 billion maximum supply, worth nearly $3.2 million at current prices.
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