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BounceBit to shut down Layer 1 blockchain following token exploit
BounceBit has announced the permanent shutdown of its Layer 1 blockchain, BounceBit Chain, following a protocol-level authorization exploit. The vulnerability, located within a built-in module of the Evmos-based stack, allowed an attacker to move approximately 286.5 million BB tokens from nine mainnet accounts without owner permission. The exploit occurred over a period of roughly five hours, involving 14 transactions.
Rather than rebuilding the network, the project will migrate the BB token to the BNB Chain as a BEP-20 token. To ensure fairness, the new token distribution will be based on a network snapshot taken prior to the attack. The 286.5 million BB tokens moved by the attacker will not be included in the new supply.
BounceBit clarified that the incident was a protocol failure and did not involve the compromise of private keys, signatures, or individual user wallets. The company’s CeDeFi, Prime, and real-world asset (RWA) products remain unaffected. The decision to move to BNB Chain was driven by the need for a more secure and liquid environment, as repairing the discontinued Evmos-based infrastructure would have required a substantial and costly re-platforming.
Entities
BNB Chain · Binance Labs · BounceBit · Evmos · YZi Labs
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] The stolen 286.5 million BB tokens were valued at approximately $3.3 million at the time of the attack.
- [● 2 SOURCES] The price of the BB token increased by more than 12% following the announcement of the shutdown. www.bitcoinsistemi.com · en.bitcoinsistemi.com
- [● 2 SOURCES] No private keys or user wallets were compromised during the security incident. www.bitcoinsistemi.com · en.bitcoinsistemi.com
- [● 3 SOURCES] The 286.5 million BB tokens moved by the attacker will be excluded from the new token issuance. www.bitcoinsistemi.com · en.bitcoinsistemi.com
- [● 3 SOURCES] The BB token will be reissued on the BNB Chain using a BEP-20 standard based on a pre-attack network snapshot. www.bitcoinsistemi.com · en.bitcoinsistemi.com
- [● 3 SOURCES] An attacker exploited an authorization vulnerability in the Evmos-based protocol to move 286.5 million BB tokens. www.bitcoinsistemi.com · en.bitcoinsistemi.com
- [● 2 SOURCES] The company's CeDeFi, Prime, and real-world asset (RWA) products were not affected by the security incident. www.bitcoinsistemi.com · en.bitcoinsistemi.com
- [● 3 SOURCES] BounceBit is permanently shutting down its first-layer blockchain, BounceBit Chain. www.bitcoinsistemi.com · en.bitcoinsistemi.com