BounceBit to Sunset Blockchain, Migrate to BNB Chain After $3 Million Exploit

TLDR

• BounceBit will permanently retire its standalone Layer 1 blockchain following a $3 million token exploit.
• An authorization flaw allowed an attacker to transfer 286.5 million BB tokens from nine accounts.
• BounceBit will reissue BB as a BEP-20 token on BNB Chain using pre-attack balances.
• The attacker’s 286.5 million BB tokens will be excluded from BounceBit’s new token issuance process.
• Legitimate BB holders will receive replacement tokens automatically without using external migration or claim websites.

BounceBit will permanently shut down its standalone Layer 1 blockchain and move its BB token to BNB Chain after an authorization flaw allowed an attacker to transfer about $3 million in tokens.

BounceBit Exploit Moves 286.5 Million BB Tokens

The security incident occurred between August 19 and 20, when an attacker executed 14 unauthorized transactions involving nine BounceBit mainnet accounts. Around 286.5 million BB tokens were transferred before the team stopped block production about 40 minutes later.

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