TLDR Tech / Crypto
BounceBit to permanently shut down its L1 after 286.5M BB exploit
BounceBit is permanently shutting down its Evmos-based L1 after a protocol-level authorization flaw allowed an attacker to drain approximately 286.5 million BB tokens from nine mainnet accounts, with no private keys or wallets compromised. The YZi Labs-backed project, whose 2024 seed round was co-led by Blockchain Capital and Breyer Capital, will reissue BB as a BEP-20 token on BNB Chain using a pre-exploit snapshot. The 286.5 million exploited tokens will not be recognized in the new issuance, zeroing out the attacker's position. CeDeFi, Prime, and RWA products operated by the team were unaffected by the breach.
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