BounceBit Chain Permanently Shuts Down and Migrates to BNB Chain

BounceBit has announced that its blockchain network experienced a vulnerability attack from August 19, 21:02 UTC to August 20, 01:54 UTC. The attacker exploited an authorization flaw in the Evmos architecture, transferring BB tokens from nine mainnet accounts without the account owners' authorization. A total of approximately 286.5 million BB tokens were transferred through 14 transactions. The incident was limited to BounceBit Chain and did not involve issues such as private key leakage or signature forgery. BounceBit stated that the vulnerability originated from a defect in the protocol's native module authorization verification in the Evmos architecture, allowing the attacker to bypass the security checks of the funding source account's authorization relationship. Following the incident, BounceBit Chain halted block production at block height 20,702,857 and decided to permanently shut down the chain, reissuing BB as a BEP-20 token based on BNB Chain. The new BB token supply will be based on an on-chain snapshot taken before the first abnormal transfer (block height 20,697,260), and the 286,543,148 BB tokens transferred by the attacker will not be included in the new token balance. Users do not need to submit applications or migrate wallets, as the official team will automatically distribute the new BB tokens to the corresponding BNB Chain addresses. For staked BB tokens, BounceBit will restore them at the snapshot time, and holders will not need to perform any unbinding or redemption operations. Currently, BounceBit has submitted freeze requests to relevant exchanges and has warned users to be cautious of scams and not to click on BB migration links that have not been officially confirmed.

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