BounceBit Mainnet to Be Deactivated, BB Tokens to Relaunch on BNB Chain
In a significant move, the BounceBit team has announced the permanent deactivation of the BounceBit Chain. This decision comes in response to a recent security incident that exploited an authorization vulnerability within a native chain protocol.
The Security Incident and Response Plan
Between August 19 and 20, an attacker leveraged an authorization flaw in a built-in protocol, resulting in the unauthorized transfer of approximately 286.5 million BB tokens from nine mainnet accounts. The team clarified that the root cause was a vulnerability at the underlying Evmos architecture level, and no private key leaks or wallet compromises were involved.
Following the incident, block production was halted to prevent further unauthorized transfers. After evaluation, the team determined that a chain reset was the most secure path forward.
New Token Distribution Details and User Guidance
The new BB tokens will be issued based on a snapshot of the chain state taken before the attack occurred. The key points are:
- Distribution Basis: User BB balances at the snapshot block, including staked portions.
- Token Standard: New tokens will be issued as BEP-20 tokens on BNB Chain.
- Critical Exclusion: The BB tokens transferred by the attacker will be excluded from the new token supply.
No immediate action is required from users. The team strongly warns against phishing scams where impersonators request "wallet migration" or "asset verification." Products including CeDeFi Strategy, Promo Vaults, Prime, and RWA were unaffected.
Next Steps and Exchange Updates
Deposit and withdrawal services on centralized exchanges will resume according to the individual timelines announced by each platform. Users are advised to follow updates from their respective exchanges.