BounceBit Shuts Down Blockchain After $3.1M Token Heist

YZi Labs-backed BounceBit has made the decision to permanently shut down its Layer 1 blockchain following an exploit that allowed an attacker to move 286.5 million BB tokens, worth more than $3.1 million.

The project was hit by a flaw in its authorization system, which enabled the unauthorized transfer of funds.

BounceBit will instead reissue BB tokens on BNB Chain, effectively ending its standalone chain after over two years of operation.