BounceBit Blockchain Shut Down After $3.1 Million Hack

The BounceBit blockchain was shut down after hackers exploited a vulnerability in its Evmos stack, allowing them to withdraw 286 million BB tokens worth approximately $3.1 million.

The attack occurred on the night of August 19-20 and affected nine BounceBit Chain addresses. The team explained that an authorization error in the vesting and account lock module enabled the attackers to bypass restrictions and access tokens not intended for transfer.

Rather than attempting to relaunch the network, the developers chose to migrate BB tokens to the BEP-20 format on BNB Chain, a process they hope will remove stolen assets from circulation and provide users with new tokens without further action.