BounceBit $BB acaba taking an unusual decision: shutting down its own blockchain forever after an exploit of about $3 million and migrating everything to the BNB Chain. The attacker used an authorization flaw in the Evmos stack; there was no theft of private keys.
Instead of trying to patch and continue, they chose to reissue the token as a BEP-20 with a pre-attack snapshot. It’s a pragmatic move that says a lot about the real cost of maintaining an L1.
Are we seeing the beginning of the end for many “custom” chains that can’t justify their existence?
Source: The Block
#bouncebit #BNBChain
Instead of trying to patch and continue, they chose to reissue the token as a BEP-20 with a pre-attack snapshot. It’s a pragmatic move that says a lot about the real cost of maintaining an L1.
Are we seeing the beginning of the end for many “custom” chains that can’t justify their existence?
Source: The Block
#bouncebit #BNBChain