Binance to End BounceBit Mainnet Support for BB After Chain Shutdown

BitcoinWorld Binance to End BounceBit Mainnet Support for BB After Chain Shutdown Binance has announced it will discontinue support for BounceBit (BB) deposits and withdrawals on the BounceBit mainnet, following the project’s decision to permanently shut down its own chain after a security breach. Starting Sept. 1, BB deposits and withdrawals will be processed exclusively via the BNB Smart Chain (BEP20) network. Timeline of the Transition According to Binance’s official notice, deposits and withdrawals on the BounceBit mainnet were already suspended at 2:00 a.m. UTC on Aug. 20. The exchange will begin supporting BSC-based BB transactions at 7:00 a.m. UTC on Sept. 1. Users who still hold BB on the BounceBit mainnet are advised to follow BounceBit’s migration instructions to avoid any loss of funds. The move comes after BounceBit revealed that its chain had been compromised in a hacking incident, leading to the irreversible decision to shut down the network. The project has urged users to migrate their assets to the BNB Smart Chain, which will now serve as the primary network for BB token transfers. Implications for BB Holders and Traders For BB holders, this transition means that any tokens left on the BounceBit mainnet after the suspension date may become inaccessible if migration steps are not completed. Binance has emphasized that it will only support BB deposits via BEP20 going forward, so users must ensure they are sending tokens to the correct network to avoid permanent loss. Traders on Binance will see no change in the trading pairs available for BB, but the underlying network for deposits and withdrawals has shifted. This is a standard procedure when a project decides to migrate to a more robust or widely supported blockchain, though the circumstances here are less voluntary than typical migrations. Why This Matters to the Crypto Community This incident highlights the risks associated with proprietary layer-1 chains, especially those that may not have the same level of security infrastructure as more established networks. It also underscores the importance of exchanges acting quickly to protect user funds and maintain orderly markets during network transitions. For the broader market, the shutdown of the BounceBit mainnet serves as a reminder that blockchain projects are not immune to critical vulnerabilities. Investors should stay informed about the security posture of the networks they use and be prepared for sudden changes in asset support. Conclusion Binance’s decision to end BounceBit mainnet support for BB is a direct response to the project’s permanent chain shutdown. With deposits and withdrawals now moving to BNB Smart Chain, users must act promptly to migrate their tokens. This event reinforces the importance of network security and the need for clear communication during transitional periods in the crypto space. FAQs Q1: What happened to the BounceBit mainnet?