Cysic has burned 7,200,002 CYS tokens (approximately $860,000) on BNB Smart Chain to offset unauthorized minting resulting from a cross-chain bridge security incident. The burn was executed in two on-chain transactions: a test burn of 1 CYS followed by the main burn of 7,200,001 CYS, permanently reducing the circulating supply on BSC back to levels consistent with the project's token economic model.
The incident occurred via a vulnerability in Cysic's cross-chain bridge. On October 26, the team stated it expected the bridge to be repaired by the end of October 27.
Cysic Burns 7.2 Million CYS on BNB Chain to Offset Unauthorized Minting from Bridge Hack
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