Binance Migrates BB Token to BNB Smart Chain After Project Shutdown
Leading cryptocurrency exchange Binance has officially withdrawn support for the BounceBit mainnet, according to information shared by industry source MyXmr. This move comes in direct response to a security incident that compromised the BounceBit project and led to its subsequent cessation of operations.
Why the Change Was Necessary
The decision stems from a major security breach that targeted BounceBit, forcing the project to halt its network services entirely. With the mainnet no longer operational, the safety and accessibility of user assets on that chain could not be guaranteed. Binance's network migration is a proactive step to safeguard user funds and maintain token functionality.
Key Dates and Migration Details
The transition is scheduled to take effect on September 1, 2023, at 15:00 UTC. After this cutoff point:
- Deposit and withdrawal services for the original BounceBit mainnet will be permanently disabled.
- All BB token deposit and withdrawal activities will be processed exclusively via the BNB Smart Chain network.
- User BB balances held on Binance will remain unaffected and require no manual action.
What Users Need to Know
The most critical action for users is to update their deposit addresses. After the migration time, any attempts to send BB tokens to old BounceBit mainnet addresses will fail and may result in permanent loss. When depositing BB, users must select the newly specified "BNB Smart Chain (BEP20)" network on Binance and use the corresponding new address.
This change is limited to the underlying network infrastructure. Trading, converting, and other functionalities for BB tokens on the Binance platform will continue uninterrupted. Always verify the network information before initiating any transaction.