Cysic Burns 7.2 Million CYS on BNB Chain to Offset Unauthorized Minting from Bridge Hack

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.