BounceBit Shuts Down L1 Chain After $286M Exploit
BounceBit Chain is shutting down after a critical exploit drained 286.5 million BB tokens from nine accounts without compromising any private keys or user wallets.
The attack occurred between August 19 and 20, 2026, when an attacker exploited an authorization vulnerability in a native Evmos module, transferring the funds across 14 transactions.
The BounceBit team detected the breach, halted block production, and contacted exchanges to freeze affected assets. They confirmed that no user wallets were directly breached, and the vulnerability was at the protocol layer, not the wallet layer.
In response, the project will migrate to BNB Chain and reissue BB tokens as BEP-20 tokens, excluding the stolen funds from the new supply. Users will receive an automatic airdrop to corresponding BNB Chain addresses, and staked BB positions will be restored automatically.