YZi Labs-backed BounceBit Chain shuts down after $3M exploit
The YZi-backed bitcoin restaking firm BounceBit announced today that it is shutting down its blockchain after hackers exploited an authorization vulnerability and stole over $3.1 million of its BB token.
BounceBit claims that between August 19 and August 20, attackers were able to move 286 million BB tokens out of nine of BounceBit Chain’s wallets without authorization.
Evmos stack caused exploit
An authorization flaw in the vesting and lockup account module hosted by Evmos, and utilized by BounceBit Chain, seemingly led to the exploit.
BounceBit says the attacker sent an estimated 254 million BB tokens to one “major” crypto exchange, almost 10 million BB tokens to another exchange, and 18.5 million BB tokens remain sitting in a consolidated address.
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