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BounceBit Financial's Bitcoin Initiative, BB Token Compromised Leading to L1 Chain Discontinuation

2026/08/23 09:15 (Updated 2026/08/23 10:00)
CoinPost
Written by A.Yamada
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BounceBit Financial's Bitcoin Initiative, BB Token Compromised Leading to L1 Chain Discontinuation

Illicit Outflow Worth 500 Million Yen

On the 21st, the cryptocurrency financial protocol 'BounceBit', centered around Bitcoin (BTC), announced the discontinuation of its L1 'BounceBit Chain' following the unauthorized outflow of its proprietary tokens. The incident occurred between August 19th and 20th, where an exploiter took advantage of a flaw in the built-in protocol functions of the BounceBit Chain, illicitly transferring BB tokens from nine mainnet accounts...

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MAGAZINE

Iolite Vol.21

September 2026 issueReleased on 2026/07/30
Interview Richard Teng, Co-CEO, Binance Taisuke Isono, Head of Nikko Open Innovation Lab & DeFi Technology Department, SMBC Nikko Securities Inc. Hiroshi Kamiwaki, Director & Head of Crypto Asset Finance Business, Fintertech Co., Ltd. PHOTO & INTERVIEW Yusaku Nakano Feature Story: "Survival Strategies for Crypto Exchanges — The New Order Post-FIEA Transition" Interview Tomoyuki Isaka, President & Representative Director, CEO, Coincheck, Inc. Takaaki Fujiwara, Executive Vice President & Director, Mercury Inc. [Dialogue Series] The NISHI Talk: Crypto Conversations "Social Implementation Beyond Merely Holding Bitcoin" Kasou NISHI × Rintaro Kawai, President & Representative Director, ANAP HOLDINGS Co., Ltd. Series: Tech and Future Toshinao Sasaki ...and more