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Following
BB BounceBit permanently shut down Layer 1 and moved to BNB Chain due to an authorization vulnerability. After discovering an authorization vulnerability in its Layer 1 blockchain, it decided to permanently shut down the network. The vulnerability allowed an attacker to transfer approximately $3 million in BB tokens without authorization from nine major network account holders.
The attacker performed 14 unauthorized transactions between 21:02 UTC on August 19 and 01:54 UTC on August 20, transferring a total of 286,543,148 BB tokens before the network was stopped. Block production terminated at an altitude of 20,702,857 on August 20 at 02:36:37 UTC.
During the entire process, the private key was not leaked, the signature was not forged, and the user's wallet, hardware equipment and exchange account were not compromised. BounceBit's CeDeFi strategy, Promo Vaults, Prime and real-world asset products operate independently of the affected Layer 1 infrastructure and are unaffected.
Evmos authorization vulnerability causes unauthorized transfers
This vulnerability stems from an authorization flaw in a native module in the Evmos technology stack used by BounceBit Chain. The smart contract caller can designate another account as a source of funds, and the module failed to correctly verify whether the account was authorized for transactions.
Therefore, this incident belongs to an authorization failure at the BounceBit Chain protocol level, rather than a wallet breach or key theft attack.
The team initially tried to repair the network and issued an announcement on August 20, planning a chain upgrade. But then abandoned the recovery plan and closed Layer 1 permanently. Evmos itself stopped network operations in May after a governance vote approved the shutdown, making subsequent maintenance of the underlying technology stack more difficult.
BounceBit chose a different recovery path than those networks that were patched and restarted after a vulnerability. For example, THORChain completed a phased network restart after a $10.7 million treasury breach occurred in May.
BB will be reissued based on a snapshot before the vulnerability occurred
BB will be converted to a BEP-20 token on the BNB Chain. The new balance will be based on a snapshot of the block height of 20,697,260 at 21:02:35 UTC on August 19, which was before the first unauthorized transaction.
286,543,148 BB tokens held by the attacker will be excluded from alternative issuance. The legal balance will be automatically restored to the corresponding BNB Chain address, including the BB tokens under pledge and settlement. Holders do not need to migrate wallets, submit applications, or manually collect replacement tokens.
BounceBit is coordinating customer balance and deposit control matters with the centralized exchange. There is currently no official migration application website or application form, and holders have been warned to avoid clicking on links that require verification of wallet or token migration.
The move places BB directly on a network that has become the main venue for most of BounceBit's activities. BNB Chain has also experienced multiple security incidents related to the token level this year, such as the recent withdrawal of B² tokens, but BounceBit's vulnerability occurred on its Evmos-based Layer 1, not BNB Chain.
BB trading price was close to US$0.01 after the vulnerability occurred
On Saturday, BB trading price was approximately US$0.0103, with 24-hour trading volume of approximately US$89.7 million, and a market value of approximately US$12.8 million. As vulnerabilities and network outages occurred, the token fell to an all-time low of $0.00804 on August 20.
BounceBit will announce the new BEP-20 contract address through its official channels after deployment is completed. Prior to this, existing holders did not need to perform any migration transactions or claims processes.
