Overview
- A protocol authorization flaw in BounceBit’s Evmos‑based chain let an attacker transfer about 286,543,148 BB from nine accounts before the team stopped block production and froze the network.
- BounceBit decided to permanently retire its Layer‑1 rather than rebuild the Evmos fork and will reissue BB as a BEP‑20 token on BNB Chain.
- The project will use a snapshot taken just before the first unauthorized transfer to automatically allocate replacement BB to legitimate addresses and omit the attacker’s stolen tokens from the new supply.
- BounceBit has contacted centralized exchanges to request freezes on attacker‑linked deposits and to coordinate balance updates, and it says user private keys, wallets, and off‑chain CeDeFi products were not compromised.
- The move reflects broader limits of the discontinued Evmos stack and aims to give users access to a network with wider wallet support, deeper liquidity, and fewer maintenance burdens for the team.