YZi Labs-backed BounceBit to permanently shut down its L1 after 286.5M BB exploit

BounceBit said an attacker exploited a protocol-level authorization flaw in its Evmos-based chain, moving approximately 286.5 million BB from nine mainnet accounts without authorization. The project raised $6 million in a 2024 seed round co-led by Blockchain Capital and Breyer Capital, with participation from OKX Ventures and HTX Ventures, and later received a separate investment from Binance Labs (now YZi Labs).

BounceBit will permanently sunset BounceBit Chain and reissue BB as a BEP-20 token on BNB Chain based on a pre-exploit snapshot. The 286.5 million BB moved by the attacker will not carry over to the new token. No private keys or wallets were compromised, and its CeDeFi, Prime and RWA products were unaffected.

YZi Labs-backed BounceBit to permanently shut down its L1 after 286.5M BB exploit

BounceBit said an attacker exploited a protocol-level authorization flaw in its Evmos-based chain, moving approximately 286.5 million BB from nine mainnet accounts without authorization. The project raised $6 million in a 2024 seed round co-led by Blockchain Capital and Breyer Capital, with participation from OKX Ventures and HTX Ventures, and later received a separate investment from Binance Labs (now YZi Labs).

BounceBit will permanently sunset BounceBit Chain and reissue BB as a BEP-20 token on BNB Chain based on a pre-exploit snapshot. The 286.5 million BB moved by the attacker will not carry over to the new token. No private keys or wallets were compromised, and its CeDeFi, Prime and RWA products were unaffected.

Source:https://twitter.com/wublockchain/status/2090818434963792120