BounceBit Ditches Standalone Blockchain After $3.1M Token Heist

YZi Labs-backed BounceBit has permanently shut down its Layer 1 blockchain after an attacker exploited a flaw in the network's authorization system, moving 286.5 million BB tokens worth over $3.1 million.

The project will reissue BB tokens on BNB Chain instead of using their own standalone chain, which was launched more than two years ago.

This decision comes after an attack that allowed the unauthorized movement of a significant amount of tokens, highlighting potential security risks in the network's design.