BounceBit Abandons Broken Blockchain, Migrates to BNB Chain

BounceBit has announced it will permanently shut down its Layer 1 blockchain, BounceBit Chain, after a major exploit that saw attackers move 286.5 million BB tokens without permission.

The attack occurred when an attacker exploited a flaw in one of the protocol's modules, allowing them to transfer tokens from nine mainnet accounts without authorization.

The vulnerability was so severe that BounceBit decided not to attempt to patch and restart the network, but instead opted for a full rebuild on a new codebase. However, this would require significant resources and re-auditing.

Instead, the company has chosen to relocate its BB token to the BNB Chain, where user activity is concentrated. This move will provide users with 'mature security, deeper liquidity, and wallet support.'