BounceBit Plans BNB Chain Migration After $3 Million Exploit

BounceBit will shut down its standalone Layer 1 network after an attacker stole roughly $3 million in BB tokens. The company will instead migrate the project to BNB Chain, where most of its products and users already operate. 

The decision follows an authorization flaw that exposed weaknesses within the Evmos-based blockchain. Consequently, BounceBit halted block production about 40 minutes after detecting the attack.

Exploit Forces Major Network Change

The attacker moved about 286.5 million BB tokens across nine wallets during the incident. The vulnerability allowed a contract caller to identify another account as the funding source. However, the system failed to verify whether that account approved the transaction.

Significantly, the attack did not compromise private keys, signatures, wallets, or exchange accounts. Additionally, BounceBit said its CeDeFi, Prime, Pr…

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