BounceBit announced the permanent closure of its own Layer 1 block chain, following a loophole in the network authorization system, which resulted in an abnormal transfer of approximately 286.5 million BBs. The projecter stated that the chain would not be rebuilt in the future, but rather that the BB would be reissued to BNB Chain and replaced by the BP-20 tokens.

The bug occurred in the authorization system.

After the incident, BounceBit stopped coming out of the block at 20,702,857. The team stated that the problem arose in the Evmos-based bottom-up system, where the loophole allowed the attackers to designate other addresses as a source of funding without authorization from the account holder and to transfer about 286,543,148 BBs from nine main network accounts.

BounceBit states that the incident was not a private key leak or a forged signature, nor was the wallet and exchange account itself invaded. The problem focuses on the software authorization logic of the chain itself.

New B.B.

The projecter had earlier considered the rehabilitation of the network but subsequently decided not to rebuild or upgrade the original Layer 1. An important reason is that the Evmos coding library used by BounceBit has been discontinued and that the cost and complexity of continuing to restore the original chain are high.

Under the project programme, the new BB balance will be based on a snapshot of block heights of 20,697,260, that is, the state prior to the first unauthorized transfer. About 286.5 billion BBs transferred by the attackers will not be included in the new coin supply.

  • Stopping block height: 20,702,857
  • Quick-ray block height: 20,697,260
  • Unusual transfers: 286,543,148 BB

The projector stated that the user did not need to apply for the new token manually and that the system planned to automatically release the corresponding balance to the user 's BNB Chain address. B.B. in pledge and in bond will also be treated in accordance with the pre-attack snapshot.

Most products continue to run BNB Chain

BounceBit states that the closure of its own public chain does not mean that the entire project ceased to operate. The team stated that most of its products were originally built around BNB Chain, and that user activity was concentrated on the chain.

The project participants also indicated that CeDeFi, Prime and RWA products were not affected by the incident and would continue to operate. The team also warned users not to click on unofficial migration links or interact with counterfeit contracts, and exchange support for new BB tokens was still being coordinated.