🚨 BREAKING: BounceBit is about to KILL its Layer 1.
Following a $3 MILLION exploit, BounceBit will permanently shut down its own blockchain and migrate to BNB Chain.
The attacker exploited an authorization flaw to move 286.5 MILLION $BB from 9 accounts.
No private keys were compromised. No wallets were hacked.
Instead, the protocol will use a pre-attack snapshot to cancel the unauthorized transfers and reissue $BB as a BEP-20 token on BNB Chain.
Holders are expected to receive the new tokens automatically.
One exploit.
An entire Layer 1 retired.
The migration to BNB Chain is now the next chapter for BounceBit.
#Crypto #BounceBit #BNB #DeFi #Blockchain
Following a $3 MILLION exploit, BounceBit will permanently shut down its own blockchain and migrate to BNB Chain.
The attacker exploited an authorization flaw to move 286.5 MILLION $BB from 9 accounts.
No private keys were compromised. No wallets were hacked.
Instead, the protocol will use a pre-attack snapshot to cancel the unauthorized transfers and reissue $BB as a BEP-20 token on BNB Chain.
Holders are expected to receive the new tokens automatically.
One exploit.
An entire Layer 1 retired.
The migration to BNB Chain is now the next chapter for BounceBit.
#Crypto #BounceBit #BNB #DeFi #Blockchain