BounceBit to shut chain after hack, reissue BB on BNB Chain

BounceBit announced that about 286.5 million BB was stolen in a hack that exploited a protocol vulnerability, and that it will permanently shut down its existing chain and reissue BB on BNB Chain as part of its response. The hacker exploited a vulnerability on the BounceBit chain to steal BB without authorization in 14 instances from nine mainnet accounts, according to the announcement. BounceBit said the issue stemmed from a protocol-level flaw inherent in the Evmos stack. No private keys were compromised, no signatures were forged, and no wallets, hardware devices or exchange accounts were hacked. Rather than restore the existing chain, BounceBit said it will abandon it. BB will be reissued as a BEP-20 token on BNB Chain based on a snapshot taken immediately before the first theft. The 286.5 million BB stolen by the hacker will not be converted into the new token supply.