Binance Drops Support for Hacked Altcoin BounceBit

Binance has announced that it will end mainnet support for BounceBit (BB) after a hacking attack led to the permanent shutdown of its Chain. The decision comes as part of a broader effort to ensure user safety and security on the platform.

The suspension of BB deposits and withdrawals on the mainnet took effect on August 20, at 05:00. However, users will still be able to transfer their assets to the $BNB Smart Chain (BEP20) network from September 1, at 10:00.

The BounceBit token will be migrated from its current mainnet to the BEP20 standard at a 1:1 ratio. This means that users' holdings of BB will not change as a result of the migration.