ME News reports that on October 23 (UTC+8), Cysic provided an update on the cross-chain bridge security incident, stating that it plans to burn 7.2 million CYS tokens from its foundation reserve by the end of October to offset the unauthorized minting, thereby realigning the token supply with its tokenomics model. On-chain burn records will be published upon confirmation.
Foresight News previously reported that on October 17, the Cysic cross-chain bridge was attacked, during which hackers unauthorizedly minted an additional 10 million CYS on the BNB Chain. Cysic subsequently blacklisted the receiving address and froze approximately 2.8 million CYS remaining in that address. (Source: Foresight News)
Cysic to Burn 7.2M CYS Tokens by End of October
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Summary
Cysic announced on October 23 (UTC+8) that it will destroy 7.2 million CYS tokens by the end of October to address unauthorized minting. The tokens were part of a 10 million CYS on-chain incident following a BNB Chain cross-chain bridge attack on October 17. The hacker’s address has been blacklisted, and 2.8 million CYS tokens remain frozen. This update is part of ongoing developments from the project’s foundation reserves.
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