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BounceBit to retire Layer 1, reissue BB on BNB Chain after flaw

BounceBit set an Aug. 19 cutoff at block 20,697,260, and tokens moved after that block will not carry over to the replacement ledger.

Reported · Written up by our desk · Market Structure

BounceBit will retire its standalone Layer 1 and reissue its BB token on BNB Chain after the company said an authorization flaw enabled the movement of about 286.5 million BB from nine accounts, according to CryptoSlate.

For holders, BounceBit is pursuing a 1:1 reconstruction of balances, using block 20,697,260 timestamped 21:02:35 UTC on Aug. 19 as the cutoff for the BEP-20 reissue. Transactions after that block will not be reflected in the replacement ledger, and the retired chain will remain shut.

BounceBit said the flaw came from protocol-level authorization logic inherited from the Evmos stack, and it described the incident as allowing a caller to identify another account as a funding source without the required approval. The company also stated that private keys, signatures, and wallets were not compromised.

The shutdown also leaves unresolved the token’s economic utility, since the previous roles for BB included gas, staking, rewards, governance and other platform functions that depended on the network that will not return. BounceBit said balances are expected to distribute automatically for most holders, with addresses holding at least 10 BB at the snapshot receiving corresponding amounts on BNB Chain, while balances below 10 BB will be reserved for a later claim portal, and it is working with exchanges where the cutoff reduced venue balances.

Latest closeBNB $703.08 ▲0.2%

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