BounceBit Retires Its Chain After Attacker Moves 286.5 Million Tokens

BounceBit will completely shut down its Layer 1 blockchain after an attacker moved 286.5 million BB out of 9 mainnet accounts. The mission will reissue the token as a BEP-20 asset on BNB Chain.

The workforce mentioned the attacker compromised no personal keys, wallets, or {hardware} gadgets. The unauthorized transfers got here from a protocol-level authorization vulnerability.

Why BounceBit Will Not Restart Its Chain

BounceBit Chain ran on the Evmos stack, which lets smart contracts call protocol-native modules immediately. One of these modules handles vesting and lockup accounts.

A funder account must be debited solely after it authorizes the switch. Along the smart-contract path, that binding was bypassed, and a second permission test ran in opposition to the improper account. The attacker may subsequently designate any account because the funding supply with out the holder’s consent.

The attacker ran 14 transactions over 4 hours and 52 minutes on 19 and 20 August, utilizing two accounts and 15 single-use contracts. Block manufacturing stopped at peak 20,702,857, roughly 42 minutes after the ultimate switch.

Meanwhile, Evmos itself has been discontinued. BounceBit mentioned shifting its fork to a successor codebase would demand a full rebuild, re-audit, and revalidation quite than a routine improve.

“Importantly, BounceBit CeDeFi Strategy, Promo Vaults, Prime, and RWA merchandise are usually not affected,” the put up learn.

The exploit follows a safety incident at MANTRA, which froze its network this week as a result of a vulnerability in an upstream dependency.

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What the Snapshot Means for BB Holders

The workforce will set the balances from block 20,697,260. None of the BB tokens that moved through the incident exist on the reissued token.

BB transfers made through the 5-hour-34-minute window will likely be reversed. Buyers may have these purchases undone, whereas sellers will obtain the BB they despatched again. Staked and unbonding balances rely towards the snapshot.

BounceBit plans to credit score reissued altcoins automatically to matching BNB Chain addresses. There isn’t any declare website.

“We know that is disruptive, nothing is expiring and nothing is being rushed,” the workforce said.

BB traded close to $0.0111 on Saturday, up 16% over 24 hours, per BeInCrypto Markets information. The token hit a document low of $0.0079 on August 20, about 31% below its level before the attack.

That leaves BB roughly the place it began the week. The stolen provide quantities to about 13.6% of the two.1 billion most, value practically $3.2 million at present costs.

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