287 Million BB Exploit: BounceBit Chain Shutting Down Permanently, Token to be Re-issued on BNB Chain

Following an exploit of approximately 286.5 million BB, BounceBit will permanently shut down its own chain and re-issue the BB token on BNB Chain based on a pre-attack snapshot; assets moved by the attacker will not be included in the new token.

It was reported that the attack on BounceBit’s Evmos-based network was carried out by exploiting a protocol-level authorization vulnerability. According to the statement relayed by Wu Blockchain, the attacker unauthorizedly moved approximately 286.5 million BB from nine mainnet accounts.

The project halted transactions to prevent further unauthorized transfers. The attacker’s remaining on-chain position was also frozen. The statement noted that private keys and wallets were not compromised. It was also recorded that BounceBit’s CeDeFi, Prime, and RWA products were unaffected by the incident.

BounceBit to Migrate BB Token to BNB Chain

The shutdown of the BounceBit Chain will not be a temporary pause or a network upgrade. The project stated that the Evmos infrastructure on which the chain was built has been terminated, and transitioning to a new codebase would require extensive rebuilding, security auditing, and validation. Therefore, a permanent shutdown decision was made.

BB will be re-issued as a BEP-20 token on BNB Chain based on the pre-attack snapshot record. The snapshot will be the record determining the balances of accounts prior to the incident. The 286.5 million BB moved by the attacker will not be transferred to the new token.

The new token will become the primary operating environment for BounceBit products. The project explained that most of its products were already on BNB Chain and that user activity is concentrated on this network. Instead of re-establishing a separate chain, team and security resources will be directed toward these products.