$3.1M BB Token Heist Shuts Down BounceBit Chain Blockchain

The YZi Labs-backed bitcoin restaking firm BounceBit Chain has shut down its blockchain after hackers exploited an authorization vulnerability and stole over $3.1 million of its BB token.

The exploit occurred between August 19 and August 20, when attackers were able to move 286 million BB tokens out of nine of BounceBit Chain's wallets without authorization.

An authorization flaw in the vesting and lockup account module hosted by Evmos, which was utilized by BounceBit Chain, seemed to have led to the exploit.

BounceBit claims that 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.