$BB BounceBit Permanently Shuts Down Proprietary Chain Due to Security Vulnerability, BB to be Re-Minted on BNB Chain
BounceBit Chain suffered an exploit targeting a permission vulnerability within the Evmos protocol layer; an attacker illicitly transferred approximately 286.5 million BB tokens (valued at ~$17 million) from nine official accounts.
🔸 The incident occurred between 21:02 and 01:54 UTC on August 19. The development team halted block production and froze the chain's state at 02:36 UTC on August 20.
🔸 BounceBit has announced the permanent shutdown of its proprietary chain and plans to re-mint BB tokens on the $BNB Chain.
👉 This is a serious security incident that highlights the risks associated with building a proprietary chain using a third-party protocol layer (Evmos). While the permanent shutdown and migration to BNB Chain may help restore long-term confidence, it also raises questions regarding compensation and the recovery timeline. BB investors should closely monitor further announcements from the team.
💬 Do you hold BB? Has this incident affected your confidence in the project?
News is for reference, not investment advice. Please read carefully before making a decision.
BounceBit Chain suffered an exploit targeting a permission vulnerability within the Evmos protocol layer; an attacker illicitly transferred approximately 286.5 million BB tokens (valued at ~$17 million) from nine official accounts.
🔸 The incident occurred between 21:02 and 01:54 UTC on August 19. The development team halted block production and froze the chain's state at 02:36 UTC on August 20.
🔸 BounceBit has announced the permanent shutdown of its proprietary chain and plans to re-mint BB tokens on the $BNB Chain.
👉 This is a serious security incident that highlights the risks associated with building a proprietary chain using a third-party protocol layer (Evmos). While the permanent shutdown and migration to BNB Chain may help restore long-term confidence, it also raises questions regarding compensation and the recovery timeline. BB investors should closely monitor further announcements from the team.
💬 Do you hold BB? Has this incident affected your confidence in the project?
News is for reference, not investment advice. Please read carefully before making a decision.