Cysic Plans to Burn 7.2 Million CYS to Offset Unauthorized Minting

Cysic announced that it will burn 7.2 million CYS from its foundation reserves by the end of October to offset a previous unauthorized minting and to realign with its token economic model. The on-chain burn record will be published after confirmation. The Cysic cross-chain bridge was attacked on October 17, where hackers unauthorizedly minted 10 million CYS on the BNB Chain. Cysic subsequently blacklisted the receiving address and froze the remaining approximately 2.8 million CYS in that address.

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