🚨 BounceBit to Shut Layer 1 After 286.5M BB Exploit
An attacker exploited an authorization flaw in BounceBit's Evmos-based blockchain to move roughly 286.5 million BB (about $3 million) from nine accounts without compromising private keys or wallets. BounceBit halted block production about 40 minutes later.
BounceBit will permanently shut down its standalone Layer 1 and reissue BB as a BEP-20 token on BNB Chain, using a pre-attack snapshot excluding the unauthorized transfers. It cited Evmos being discontinued in May, saying a standalone Layer 1 is "no longer the most effective way to serve our users." It is working with exchanges to reconcile balances.
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1August 22, 2026 3
