DeFi4 min read
BounceBit to abandon its blockchain after $3 million exploit
BounceBit, a bitcoin restaking and yield platform, is discontinuing its Layer 1 blockchain and moving to BNB Chain following a $3 million exploit. The incident, caused by an authorization flaw in its Evmos-based stack, led to the unauthorized transfer of 286.5 million BB tokens. BounceBit plans to reissue tokens based on a pre-attack snapshot to mitigate user losses.