Binance Drops Support for BounceBit Mainnet After Security Breach
Binance has announced it will discontinue support for BounceBit (BB) deposits and withdrawals on its own mainnet, following the project's decision to shut down its chain due to a security breach. The exchange had previously suspended BB deposits and withdrawals on August 20th at 2:00 a.m. UTC.
Users are advised to follow BounceBit's migration instructions to move their tokens to the BNB Smart Chain (BEP20) network, which will now serve as the primary network for BB token transfers.
This transition is a result of the project's permanent chain shutdown and serves as a reminder that blockchain projects are not immune to critical vulnerabilities. It also underscores the importance of exchanges acting quickly to protect user funds and maintain orderly markets during network transitions.