POPA ReconYZi Labs-backed BounceBit to permanently shut down its L1 after 286.5M BB exploit
YZi Labs-backed BounceBit to permanently shut down its L1 after 286.5M BB exploit BounceBit said an attacker exploited a protocol-level authorization flaw in its Evmos-based chain, moving approximately 286.5 million BB from nine mainnet accounts without authorization. The project raised $6 million in a 2024 seed round co-led by Blockchain Capital and Breyer Capital, with participation from OKX Ventures and HTX Ventures, and later received a separate investment from Binance Labs (now YZi Labs). BounceBit will permanently sunset BounceBit Chain and reissue BB as a BEP-20 token on BNB Chain bas…
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