Cysic announced plans to burn 7.2 million CYS from its foundation reserves by the end of October to offset unauthorized minting resulting from a cross-chain bridge security incident. The move aims to restore token supply alignment with the project's original tokenomics model.
The update follows a previously disclosed breach involving the protocol's cross-chain bridge infrastructure. By removing the excess tokens from circulation, Cysic seeks to mitigate dilution effects on existing holders and re-establish confidence in the network's monetary policy.
Cysic Plans to Burn 7.2 Million CYS by End of October After Cross-Chain Bridge Security Incident
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