BounceBit exploit for $3 million: blockchain shuts down after hack

The BounceBit exploit forced the project team to shut down its own layer-one blockchain and abandon its restoration: 286 million BB tokens worth about $3.1 million were withdrawn from the network, and user assets are planned to be migrated to the BEP-20 format on BNB Chain.

“Trades Closed From +40% Profit”

“+1,300$/Month in Profit”

“Stable 500$–600$ Withdrawals”

How the Attack on BounceBit Chain Happened

According to the BounceBit team, the incident unfolded as follows:

• date and time of the attack: night of August 19 to 20;
• affected addresses: nine BounceBit Chain addresses;
• withdrawal amount: 286 million BB;
• cause of vulnerability: an authorization error in the vesting and account lock module of the Evmos stack, on which the network operated.

This vulnerability (computer security) allowed the attackers to bypass restrictions and gain access to tokens that were not supposed to move freely. For the cryptocurrency and decentralized finance markets, such failures are especially sensitive: users expect the underlying blockchain infrastructure to withstand the load even with complex smart contract and lock logic.

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