Wu Shuo has learned that BounceBit’s official announcement on the progress of the security incident confirmed that due to an authorization vulnerability in the underlying Evmos protocol, 9 mainnet accounts had approximately 286.5 million BB tokens transferred without authorization. To completely address the security risks and promote the industry ecosystem’s development, the official has decided to permanently shut down the BounceBit Chain. Using the snapshot taken before the attack (Block 20,697,260) as the baseline, the BB tokens will be reissued as a BEP-20 token on BNB Chain. The 286.5 million tokens stolen by the attacker will be fully invalidated. At present, users do not need to take any action, and the new tokens will be automatically distributed to the corresponding addresses. Yesterday, BounceBit announced that after it discovered issues with the BounceBit Chain, it had paused nodes to deploy a repair program, and the BB trading and deposit/withdrawal functions were temporarily suspended.