BounceBit to Move to BNB Chain After $3M BB Token Exploit

BounceBit said it will shut down its standalone Layer 1 network after an attacker stole roughly $3 million worth of BB tokens, and will migrate the project to BNB Chain, where most of its products and users already operate. The incident stemmed from an authorization flaw on the Evmos-based blockchain. BounceBit halted block production about 40 minutes after detecting the attack. The attacker moved about 286.5 million BB tokens across nine wallets. According to the company, the bug let a contract caller specify another account as the funding source without the system properly confirming that the account had approved the transaction. BounceBit said no private keys, signatures, wallets, or exchange accounts were compromised. It added that its CeDeFi, Prime, Promo Vault, and real-world asset products were not affected. Rather than rebuild the network, BounceBit plans to reissue BB as a BEP-20 token on BNB Chain. The company will use a pre-attack snapshot to roll back unauthorized transfers and will work with exchanges to restore accurate customer balances, aiming to ensure users do not bear losses tied to the exploit. Founded in 2024, BounceBit raised $6 million and later expanded into yield products and tokenized real-world assets alongside bitcoin restaking. The firm noted that Evmos ended its blockchain venture in May, making a rebuild increasingly challenging. Disclaimer: This article is for informational and educational purposes only and does not constitute financial advice. Coin Edition is not responsible for any losses resulting from the use of referenced content, products, or services. Readers should exercise caution before taking any action related to the company.