Beware of Fake BounceBit Sites Amid Airdrop and Exchange Listings

BounceBit, a Bitcoin (BTC) restaking protocol, announced the official launch of its mainnet at 02:30 UTC today. Shortly after, from 08:30 to 10:00 UTC, the company will start its BB token airdrop.

Additionally, the much-anticipated listing of BB tokens on cryptocurrency exchanges KuCoin and Gate.io is set to expand its market presence. Both exchanges will begin trading operations for BB tokens starting at 10:00 UTC today.

BounceBit Trading Begins; Watch Out for Phishing

However, a cybersecurity alert has tempered the excitement. The Chief of Information and Security Officer at SlowMist, known as 23pds, has flagged a significant risk. The first Google search result for “BounceBit” is a phishing site called bouncbit.io, posing threats to users’ safety.

“Clicking it will jump to the phishing website bouncbit[.]io. Please be aware of the risks,” 23pds warned.

Read more: 15 Most Common Crypto Scams To Look Out For

BounceBit’s Fake Website. Source: X/im23pds

Following the warning, BounceBit has shared official airdrop and customer support links on its X (Twitter) account. It also warned that any tweets below its official announcement thread that use its name and post links are likely scams.

The launch of BounceBit mainnets and BB token airdrop came after the protocol secured a $6 million seed funding earlier this year. Blockchain Capital and Breyer Capital co-led this round, with participation from various venture capital entities and angel investors. Furthermore, in April, Binance Labs, Binance’s venture capital and incubation arm, invested an undisclosed amount in BounceBit.

At its heart, BounceBit introduces a BTC restaking mechanism. It is launching a Shared-Security Clients (SSC) infrastructure, starting with the BTC Restaking Chain.

This mechanism involves a dual-token system where validators stake both BTC and BB. Therefore, such a mechanism enhances the platform’s security and stability.

Read more: Top New Crypto Listings To Watch In May 2024

As of May 13, DeFiLlama reports BounceBit has a total value locked (TVL) of $448.65 million. Given its backing, it is plausible that BounceBit’s mainnet launch and BB tokens airdrop catch the crypto community’s interest and attract scammers.