announced BounceBit, a recovery protocol Bitcoin (BTC), today announced the official launch of its mainnet at 02:30 UTC. Shortly after, from 8:30 a.m. to 10:00 a.m. UTC, the company will begin airdropping the BB token.
Additionally, the long-awaited listing of BB tokens on cryptocurrency exchanges KuCoin and Gate.io is expected to expand their market presence. Both exchanges will begin trading operations for BB tokens from 10:00 UTC today.
Start of trading BounceBit Beware of phishing
However, a cybersecurity alert dampened the enthusiasm. SlowMist's information and security manager, known as 23pds, spoke of a significant risk. The top Google search result for “BounceBit” is a phishing site called bouncbit.io, which poses a threat to user security.
“Clicking on it will take you to the Bouncbit phishing site (.) Ayo. Please be aware of the risks,” warn 23ft.
Learn more: Beware of cryptocurrency scams during the halving period!
After the warning, I participated BounceBit offers official airdrop and customer support links on its X account (Twitter). He also warned that any tweets under his official announcement feed that use his name and post links are likely scams.
BounceBit mainnets launch and BB token airdrop happened after This has the protocol $6 million in seed funding earlier this year. Blockchain Capital and Breyer Capital co-led this round, with participation from various venture capital entities and angel investors. Additionally, in April, invested Binance Labs, the venture capital and incubation arm of Binance, has raised an undisclosed amount in BounceBit.
Basically, BounceBit offers a BTC recovery mechanism. It launches a Shared Security Client (SSC) infrastructure, starting with a BTC recovery chain.
This mechanism involves a dual system in which validators store both BTC and BB. Therefore, this mechanism improves the security and stability of the platform.
Learn more: Best New Crypto Lists to Watch in May 2024
As of May 13, reported DeFiLlama BounceBit has a total value locked (TVL) of $448.65 million. Given its support, it is plausible that the launch of BounceBit's mainnet and the removal of BB tokens will attract interest from the crypto community and attract scammers.
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