Binance Axes Mainnet Support for Hacked Altcoin BounceBit

Crypto exchange Binance has announced it will end mainnet support for BounceBit (BB) due to a hacking attack on its network. The decision comes after a thorough review of the project's security measures.

The Binance statement revealed that BB deposits and withdrawals on the mainnet have been suspended since August 20, 2026, at 05:00. To facilitate user transitions to the new network, BB deposits and withdrawals on the BNB Smart Chain (BEP20) will reopen on September 1, 2026, at 10:00.

The migration process involves transferring the existing BB tokens from the mainnet to the BEP20 standard. This transformation is done at a 1:1 ratio, ensuring that users' holdings remain unchanged. The new token's smart contract will operate on the BNB Smart Chain infrastructure, and trades will continue uninterrupted.

Binance has assured users that it will handle all necessary technical processes related to the conversion, eliminating the need for manual intervention. This move aims to safeguard the BB ecosystem by integrating its support with the robust BNB network.