YZi Labs-Backed BounceBit to Shut Down L1 After 286.5M BB Exploit

YZi Labs-backed BounceBit will shut down its Layer 1 blockchain after an attacker drained 286.5 million BB tokens from nine accounts in an exploit that exposed a flaw in the network’s authorization system.

The attack took place between Aug. 19 and 20 and did not involve the theft of private keys, according to the project. Instead, the attacker exploited a weakness in how transactions were authorized on BounceBit Chain.

BounceBit Moves to BNB Chain

The network halted block production after the unauthorized transfers. BounceBit will reissue BB as a BEP-20 token on BNB Chain, using a snapshot of balances recorded at block 20,697,260 before the attack.

Related: MANTRA Chain Halt Freezes Transactions, Traders Face Liquidity Risk

The stolen tokens will not be included in the new supply. Holders do no…

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