BounceBit shuts down its independent Layer 1 due to authorization vulnerabilities and will reissue BB tokens on BNB Chain based on the August 19 snapshot at a 1:1 ratio. The old chain will not be restarted. The vulnerability allowed callers to designate other accounts as the source of funds without approval, resulting in approximately 286.5 million BB being transferred from nine accounts. The gas, staking, rewards, and governance functions of the new tokens are yet to be defined, and the BEP-20 contract address has not been disclosed for now.