BounceBit Shuts Down L1 After $3.3M Exploit

BounceBit has shut down its Layer 1 blockchain after an attacker exploited a protocol-level authorization flaw, moving approximately $3.3 million worth of BB tokens.

The hack involved nine mainnet accounts and did not compromise private keys, but it left the project with no choice but to reissue BB on BNB Chain using a pre-exploit snapshot.

This move has put BounceBit traders on high alert as they navigate the migration process, which could disrupt liquidity and increase volatility in the market.