BounceBit Retires Its Chain After Attacker Moves 286.5 Million Tokens

BounceBit will permanently shut down its Layer 1 blockchain after an attacker moved 286.5 million BB out of nine mainnet accounts. The project will reissue the token as a BEP-20 asset on BNB Chain.

The team said the attacker compromised no private keys, wallets, or hardware devices. The unauthorized transfers came from a protocol-level authorization vulnerability.

Why BounceBit Will Not Restart Its Chain

BounceBit Chain ran on the Evmos stack, which lets smart contracts call protocol-native modules directly. One of those modules handles vesting and lockup accounts.

A funder account should be debited only after it authorizes the transfer. Along the smart-contract path, that binding was bypassed, and a second permission check ran against the wrong account. The attacker could therefore designate any account as the funding source without the holder's consent.

The attacker ran 14 transactions over 4 hours and 52 minutes on 19 and 20 August, using two accounts and 15 single-use contracts. Block production stopped at height 20,702,857, roughly 42 minutes after the final transfer.

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