13 May

BounceBit, a protocol for restaking Bitcoin (BTC), has officially unveiled its mainnet today at 02:30 UTC. Following this milestone, the company will commence its BB token airdrop from 08:30 to 10:00 UTC.

Moreover, the highly awaited listing of BB tokens on cryptocurrency platforms KuCoin and Gate.io is poised to enhance its market reach. Trading for BB tokens will commence on both exchanges at 10:00 UTC today, marking a significant expansion in its trading availability.

Trading on BounceBit Starts; Beware of Phishing

A cybersecurity alert, though, has subdued the enthusiasm. A serious risk has been identified by SlowMist's Chief Information and Security Officer, or 23pds. The first Google search result for "BounceBit" leads to the phishing website bouncbit.io, which puts users' security at risk.

When you click on it, the phishing website bouncbit[.]io will open. Please be advised that there are risks," 23pds said.

BounceBit has posted links to their official airdrop and customer assistance on its X (Twitter) account in response to the warning. It also issued a warning, stating that any tweets using its name and posting links below its official announcement thread are probably scams.

Following a $6 million seed funding earlier this year, which was co-led by Blockchain Capital and Breyer Capital and saw involvement from various venture capital firms and angel investors, BounceBit has launched its mainnet and commenced a BB token airdrop. Additionally, in April, Binance Labs, the venture capital and incubation arm of Binance, made an undisclosed investment in BounceBit.

BounceBit's core offering is a BTC restaking mechanism, with the introduction of a Shared-Security Clients (SSC) infrastructure, initially featuring the BTC Restaking Chain.
This mechanism employs a dual-token system where validators stake both BTC and BB, enhancing the platform's security and stability.

As of May 13, DeFiLlama reports BounceBit's total value locked (TVL) at $448.65 million. Given its strong financial backing, there's a possibility that the mainnet launch and BB token airdrop could attract attention from the crypto community and potentially draw in scammers.

May 2024, Cryptoniteuae

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