- BounceBit Chain shutdown follows a 286.5 million BB exploit worth about $3 million.
- Snapshot block 20,697,260 will exclude tokens moved through unauthorized transfers.
- Holders need no claim form or manual migration for the BNB Chain reissue.
The BounceBit Chain shutdown will end the project’s standalone Layer 1 after an attacker moved 286.5 million BB tokens. The assets were worth about $3 million. BounceBit halted production at block 20,702,857 and plans to reissue BB on BNB Chain. Its CeDeFi, Prime, vault, and real-world asset services continued operating.
BounceBit Chain Shutdown Follows Evmos Authorization Flaw
BounceBit said the incident ran from August 19 at 21:02 UTC until August 20 at 01:54 UTC. The attacker completed 14 transfers involving nine mainnet accounts. Block production stopped after the company detected the unauthorized activity.
The Evmos authorization flaw affected a contract-callable native protocol module. A caller could select another account as the funding source without proving that account approved the transfer. This defect allowed the attacker to move BB without obtaining control of user keys.
BounceBit reported no stolen private keys, forged signatures, or breaches of hardware wallets. Exchange accounts and the company’s other services were also unaffected. The BounceBit Chain shutdown followed the team’s decision against repairing the discontinued Evmos-based network.
BounceBit Chain Shutdown Moves BB Balances to BNB Chain
The BB token migration will use a snapshot from block 20,697,260. BounceBit recorded that state at 21:02:35 UTC on August 19, before the first unauthorized transfer. The replacement supply will exclude the 286,543,148 BB attributed to the attacker.
Users do not need to submit claims or manually migrate their wallets. BounceBit plans to distribute BEP-20 BB automatically to matching BNB Chain addresses. Staked and unbonding balances will follow the same snapshot.
The company is working with exchanges to reconcile balances and limit customer losses. It has also requested help freezing traced funds. BounceBit warned holders against unofficial claim pages, migration links, and unverified token contracts.
After the BounceBit Chain shutdown, the project will operate its token and services through BNB Chain. The company said most products and users already operate there. Evmos ended its blockchain operations in May, making a standalone rebuild more difficult.
The snapshot will reverse authorized transfers recorded after the selected block. BounceBit will publish the official BEP-20 contract address and reissuance schedule later.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
