BounceBit Shuts Down Chain After 286M BB Exploit

BounceBit Shuts Down Layer 1 After $3M BB Exploit, Moves Token to BNB Chain

BounceBit is permanently shutting down its Layer 1 blockchain after an authorization flaw allowed an attacker to move roughly $3 million in BB tokens from nine mainnet accounts without obtaining their owners’ approval. The attacker executed 14 unauthorized transactions between 21:02 UTC on August 19 and 01:54 UTC on August 20, moving 286,543,148 BB before the network was stopped. Block production ended at height 20,702,857 at 02:36:37 UTC on Aug…

BounceBit Shuts Down Layer 1 after An Authorization Exploit

Key Takeaways: After an attacker transferred 286.54 million BB from nine mainnet accounts, BounceBit will be permanently closing the BounceBit Chain. No private keys, signatures, wallets, or exchange accounts were breached, the exploit was related to the protocol level authorization issue. Restoring legitimate balances with pre-attack snapshot on BB, will be reissued as a BEP-20 token on BNB Chain. User Score8.7 Follow us on Google News There w…

BounceBit abandons its Layer 1 after 286.5M BB exploit – Why BNB Chain?

YZi Labs-backed BounceBit has announced plans to permanently cease its BounceBit Chain. Instead of repairing the network, BounceBit plans to redeem BB as a BEP-20 token on BNB Chain. This comes after a recent attack in which the wrongdoer misused a flaw in one of BounceBit Chain’s built-in protocol modules. This allowed the attacker toContinue reading "BounceBit abandons its Layer 1 after 286.5M BB exploit – Why BNB Chain?"

BounceBit to Shut Down Standalone Blockchain and Move to BNB Chain After Exploit

BounceBit is preparing to pull the plug on its own standalone blockchain and move to BNB Chain following a security exploit, a rare admission that a project’s native network is no longer the safest place for its users to operate. The BounceBit BNB Chain migration marks a hard pivot for the restaking project, which built its identity around a dedicated chain. According to updates shared through the team’s official channel on X, the shutdown of th…

BounceBit Retires Layer 1 After $3.3M Exploit, Moves to BNB

How Did The BounceBit Exploit Work? BounceBit will permanently shut down its standalone Layer 1 blockchain and migrate its native BB token to BNB Chain after an attacker exploited an authorization flaw to move roughly $3 million worth of tokens without compromising private keys or wallets. The incident took place between Wednesday and Thursday. The attacker transferred approximately 286.5 million BB from nine accounts before BounceBit halted blo…

BounceBit Shuts Down Blockchain After $3M Exploit, Moves to BNB Chain

TL;DR: An attacker stole 286.54 million BB tokens valued at approximately $3 million by exploiting an authorization flaw in the Evmos architecture. Block production on the Layer 1 network was halted at height 20,702,857 to stop unauthorized transfers. The protocol will issue a new BEP-20 token on BNB Chain based on a pre-exploit snapshot. This Friday, BounceBit suffered a cyberattack that resulted in the theft of $3 million in digital assets. C…