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Phishing warning for BounceBit (BB) among new listings
BounceBit, a Bitcoin (BTC) restake protocol, announced the official launch of its mainnet at 02:30 UTC today. Shortly thereafter, from 08:30 to 10:00 UTC, the company will begin its BB token airdrop.
Also, the highly anticipated listing of BB tokens on cryptocurrency exchanges KuCoin and Gate.io is set to expand its presence in the market. Both exchanges will begin trading for BB tokens starting at 10:00 UTC today.
BounceBit trading begins; Beware of phishing
However, a cybersecurity alert tempered the excitement. The head of information and Safety The SlowMist official, known as 23pds, flagged a significant risk. The first Google search result for “BounceBit” is a phishing site called bouncbit.io, which poses a threat to user security.
“Clicking will take you to the phishing site bouncbit[.]I. Please be aware of the risks”, 23pds warned.
To know more: The 15 most common crypto scams to watch out for
The fake BounceBit website. Source: X/im23pds
Following the warning, BounceBit has shared official airdrop and customer support links on his X (Twitter) account. She also warned that any tweet under the official announcement thread that uses her name and posts links they are probably scams.
The launch of the BounceBit mainnets and the BB token airdrop occurred after the protocol insured initial funding of $6 million earlier this year. Blockchain Capital and Breyer Capital co-led this round, with participation from various venture capital entities and angel investors. Furthermore, in the month of April, Binance Labsthe venture capital and incubation arm of Binance, invested an undisclosed amount in BounceBit.
Basically, BounceBit introduces a BTC redistribution mechanism. It is launching a Shared-Security Clients (SSC) infrastructure, starting with the BTC Restoring Chain.
This mechanism involves a dual token system where validators stake both BTC and BB. Therefore, such a mechanism improves the security and stability of the platform.
To know more: Top new cryptocurrency lists to watch in May 2024
From May 13th DeFiLlama relationships BounceBit has a total value locked (TVL) of $448.65 million. Given its support, it is conceivable that BounceBit’s mainnet launch and BB token airdrop will capture the interest of the crypto community and attract scammers.
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