BounceBit Ditches L1 After $3M Hack, Migrates BB to BNB Chain

BounceBit has permanently shut down its Layer 1 blockchain after an attacker exploited an authorization flaw, stealing approximately 286.5 million BB tokens worth $3.3 million.

The project halted block production and decided to reissue BB on BNB Chain, using a pre-exploit snapshot to establish balances for the new token.

The migration will not include the stolen tokens, which will be excluded from the new supply to prevent them from carrying over into the replacement BB.