BounceBit Shuts Down Blockchain After $3.1 Million Token Heist
BounceBit, a Bitcoin-focused financial protocol, has permanently shut down its Layer 1 blockchain after an attacker exploited a protocol flaw to drain 286.5 million BB tokens from nine mainnet accounts.
The stolen tokens were worth roughly $3.1 million at the time of the incident, but the damage to the token's supply was far more severe: the haul represented about 23% of BB's then-circulating supply of 1.24 billion tokens.
The theft unfolded between August 19 and August 20, when an attacker leveraged a vulnerability in the chain's embedded protocol functions to move funds out of nine accounts without their owners' consent.
BounceBit said it evaluated possible technical and operational options before deciding to permanently retire the chain. The first reason: Evmos itself has been discontinued by its developers, making it difficult to rework a codebase that no longer receives upstream support.
The project will now be reissued as a BEP-20 token on BNB Chain, with balances set based on a snapshot taken at block 20,697,260, before the first unauthorized transaction. The migration will happen automatically for matching BNB Chain addresses.