BounceBit Abandons Layer 1 After Record-Breaking Hack

BounceBit Chain has been shut down by its developers after a significant exploit occurred on the network, resulting in a loss of approximately $286.5 million worth of BB tokens.

The exploit took advantage of a flaw in one of BounceBit Chain's built-in protocol modules, allowing the attacker to misappropriate funds from the network.

Rather than attempting to repair or salvage the damaged network, BounceBit has chosen to permanently discontinue its operations and instead redeem the affected BB tokens as a BEP-20 token on the BNB Chain.