$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.
đž 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.
đž BounceBit has announced the permanent shutdown of its proprietary chain and plans to re-mint BB tokens on the $BNB Chain.
đ 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.
đŹ 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.
đž 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.
đž BounceBit has announced the permanent shutdown of its proprietary chain and plans to re-mint BB tokens on the $BNB Chain.
đ 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.
đŹ 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.