BounceBit Shuts Down Layer 1 Chain After $3.1 Million Token Theft

BounceBit announced the permanent retirement of its Layer 1 blockchain following a $3.1 million exploit that drained 286.5 million BB tokens from nine accounts. The attack occurred between August 19 and August 20, 2026, exploiting an authorization flaw in the Evmos stack, which allowed the attacker to transfer tokens without consent. No private keys or wallets were compromised, but the incident represented a significant 23% of BB's circulating supply. BounceBit will migrate to BNB Chain, reissuing BB tokens as BEP-20 tokens based on a pre-attack snapshot. The decision to retire the chain was influenced by the discontinuation of Evmos and a shift in user activity towards BNB Chain. Affected users will have their balances restored to pre-theft levels.

Key Points: • BounceBit lost 286.5 million BB tokens due to an exploit, worth $3.1 million. • The attack exploited an authorization flaw in the Evmos stack, not compromising private keys. • BounceBit will migrate to BNB Chain and reissue BB tokens based on a snapshot before the theft.