Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BB 
BNB BounceBit closed its original chain after encountering the theft of 286.5 million BB tokens and reissued tokens on the BNB chain.
The Bitcoin re-pledge protocol BounceBit announced that due to security breaches, approximately 286.5 million BB tokens were stolen, and it will permanently close the existing blockchain. According to an official announcement, as part of a recovery strategy, the project plans to reissue tokens on the BNB chain.
Attack details
Hackers exploited a protocol-level vulnerability in the Evmos stack based on the Cosmos SDK to steal BB tokens without authorization. The attack involved a total of 9 main-network accounts and was carried out independently in 14 separate occasions. BounceBit emphasized that no private keys were compromised, no signatures were forged, and no wallets, hardware devices or exchange accounts were compromised. The root cause of the problem lies in flaws at the protocol level, rather than inadequate user security measures.
Countermeasures and token re-issuance
BounceBit did not attempt to restore the existing chain, but chose to abandon it entirely. BB will be reissued as a BEP-20 token on the BNB chain, based on a snapshot taken immediately before the first theft. The 286.5 million BB tokens stolen by hackers will not be included in the new token supply, which is equivalent to destroying them and preventing their circulation.
Significance of the event
The incident highlights the ongoing risks in the blockchain ecosystem, especially those projects built on complex layered technologies. For BounceBit users, reissuance means they will receive new tokens on the BNB chain, but the process requires careful coordination and relies on the team's execution. The decision to close the existing chain rather than patch the vulnerability amounts to a complete restart and may have an impact on the long-term credibility and user confidence of the project.
Impact on the cryptocurrency market
Security breaches remain a major concern for investors and users, and this incident has added new cases to a series of high-profile attacks. Moving to the BNB chain may provide BounceBit with a more mature and secure infrastructure, but it also means that the project must rebuild the ecosystem from scratch. The success of the transformation will depend on how efficiently the team communicates with the community and ensures a smooth migration.
Conclusion
BounceBit's response to the hack-shutting down the original chain and reissuing tokens on the BNB chain-was a decisive but drastic measure. While this prevented the circulation of stolen coins, it also raised questions about the future of the project and the robustness of the underlying technology. Users should pay close attention to the migration guidelines issued by official channels and be cautious during the transition period.
FAQ
Q: What happened to BounceBit?
Answer: Hackers exploited a protocol vulnerability in the Evmos stack and stole 286.5 million BB tokens. BounceBit decided to close the existing chain and reissue BB tokens on the BNB chain.
Question: Will I receive new BB tokens?
Answer: If you hold BB tokens at the snapshot taken before the first theft, you will be eligible to receive new BEP-20BB tokens on the BNB chain. Stolen tokens are not included in the new supply.
Question: Is my cryptocurrency safe?
Answer: BounceBit stated that no private keys were compromised and no wallets or exchange accounts were compromised. The problem lies at the protocol level, so the funds stored by users in unmanaged wallets will not be directly affected, but the chain itself has been abandoned.
