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Crypto

YZi-Labs-Backed BounceBit Chain Hacked for $3.1M, Shut Down

Guavy AI Editorial Team
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BounceBit Chain, backed by YZi Labs, has shut down its blockchain after hackers exploited an authorization vulnerability and stole over $3.1 million worth of BB tokens.

The attack occurred between August 19 and 20, with attackers moving 286 million BB tokens out of nine wallets without authorization.

An authorization flaw in the vesting and lockup account module hosted by Evmos, used by BounceBit Chain, led to the exploit.

BounceBit claims it will not be able to implement a network upgrade due to its infrastructure being built on discontinued Evmos codebase.

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