BounceBit exploited for $3 million, announces shutdown and migration

BounceBit, a Layer-1 blockchain, experienced a significant security breach due to a bug in its authorization logic that allowed an attacker to steal around $3 million. Following this incident, the blockchain was halted, and plans were announced to migrate to Binance's BNB Chain. The organization decided that operating as a standalone Layer 1 was no longer viable. Additionally, BounceBit had previously secured $6 million in funding.