BounceBit Shuts Down Blockchain After 286 Million Token Heist

BounceBit has decided to shut down its Layer 1 blockchain following an authorization exploit that allowed an attacker to transfer nearly 286.5 million BB tokens from nine mainnet accounts.

The incident occurred between August 19th and 20th, with the attacker conducting about 14 transactions in a four-hour period.

BounceBit emphasized that no private keys, signatures, wallets, or exchange accounts were compromised during the attack, but rather it was a protocol-level authorization issue.

The company has opted not to rebuild the network and instead will reissue BB as a BEP-20 token on BNB Chain, using a pre-incident snapshot to calculate new balances.