BounceBit
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Summary
BounceBit was a Bitcoin restaking Layer 1 blockchain backed by YZi Labs (formerly Binance Labs) and Blockchain Capital that launched mainnet in May 2024. On August 19-20, 2026, an attacker exploited an authorization flaw in the project's Evmos-based vesting account module to move 286.5 million BB tokens (~$3 million) across 14 transactions without holding valid grants. The protocol's reliance on the discontinued Evmos framework made a rebuild infeasible; BounceBit permanently shut down its chain and announced BB will be reissued as a BEP-20 token on BNB Chain using a pre-attack snapshot.
Connected Entities
1 entities · 10 linked investigationsCommunity submissions
- Under reviewincriminatingWayback pending8/24/2026, 4:11:07 PM
“Protos report on the $3M BounceBit exploit (August 19-20, 2026): 286.5M BB tokens drained via broken Evmos vesting authorization check; Layer 1 chain permanently shut down; BEP-20 reissuance announced.”
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Timeline(7 events)
2024-04-01
YZi Labs (then Binance Labs) announced an investment in BounceBit, describing the project as building BTC restaking CeDeFi infrastructure.
YZi Labs on X2024-05-13
BounceBit mainnet launched. BB token listed on Binance through the exchange's inaugural Megadrop event. Trading pairs opened in BB/BTC, BB/USDT, BB/BNB, BB/FDUSD, and BB/TRY.
CoinCarp / Cryptonomist2026-05-18
Evmos network officially ceased operations at block height 37,318,000 after governance Proposal #331 passed with 99.8% approval, leaving BounceBit operating on an unmaintained fork.
Phemex News / KuCoin News2026-08-19
At 21:02:35 UTC, the first unauthorized transfer began. An attacker exploited an authorization flaw in BounceBit's Evmos-based vesting account module. Chain state at block 20,697,260 was later designated as the pre-attack snapshot for the BNB Chain reissuance.
CryptoTimes / Protos2026-08-20
At 01:54 UTC, the final unauthorized transfer completed. In total, 286,543,148 BB tokens (~$3 million) were moved from nine accounts across 14 transactions. At 02:36:37 UTC, BounceBit halted block production.
CryptoTimes / Protos / The Block2026-08-20
BB token hit a record low of approximately $0.0079 following the exploit announcement.
COINOTAG2026-08-21
BounceBit announced the permanent shutdown of BounceBit Chain and confirmed BB will be reissued as a BEP-20 token on BNB Chain using balances from the pre-attack snapshot at block 20,697,260. The team cited the discontinued Evmos framework as making a rebuild infeasible.
The Block / Protos / BeInCryptoDecision Log
- #1publish⛓ pending8/24/2026, 12:04:23 PMhash: 5VLqdAdyfAxbJPeSPScehxY6w2YcoEWnHYMfPZ2R8Pxi
9 of 14 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/24/2026, 12:04:16 PM
last updated: 8/24/2026, 10:31:20 PM
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