BounceBit will permanently shutter its standalone Layer 1 blockchain and migrate to BNB Chain after an attacker exploited an authorization flaw to steal roughly $3 million worth of its native BB tokens.
The incident occurred between Wednesday and Thursday, according to a Friday update from the bitcoin restaking and crypto yield platform.
The attacker transferred approximately 286.5 million BB from nine wallets before block production was eventually halted around 40 minutes later.
BounceBit said the vulnerability was related to a feature of the Evmos stack that its chain was built on.
The flaw allowed a smart contract caller to specify a different account as the source of funds without any verification that the account authorized the transaction.
