BounceBit Abandons Standalone Network After $3 Million Hack

BounceBit, a cryptocurrency project, is shutting down its standalone Layer 1 network after an attacker stole around $3 million in BB tokens. The incident occurred due to an authorization flaw on the Evmos-based blockchain.

The vulnerability allowed contract callers to spoof funding sources without approval, forcing BounceBit to halt block production for approximately 40 minutes.

The attacker moved about 286.5 million BB tokens across nine wallets during the incident. Despite the attack, BounceBit's private keys, signatures, wallets, and exchange accounts remained uncompromised.

In response to the security breach, BounceBit has decided to migrate its project to the BNB Chain, where most of its products and users already operate.