Cysic on BNB chain burned approximately 7200000 tokens CYS, offsetting unauthorized minting in the cross-chain bridge security incident
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AT A GLANCE
Cysic burned BNB tokens on Smart Chain 7,200,002 CYS to offset unauthorized minting in the cross-chain bridge incident.
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Cysic on BNB chain burned approximately 7200000 tokens CYS, offsetting unauthorized minting in the cross-chain bridge security incident
PANews October 28 reported that Cysic announced it had burned BNB tokens on Smart Chain 7,200,002 CYS(approximately equivalent to 860000 USD) to offset tokens that were unauthorizedly minted in the cross-chain bridge security incident. The burn was completed in transactions: one was a test burn of 1 CYS tokens, and the other was a main burn of 7,200,001 tokens; both have been confirmed on-chain. Following the burn, the supply of CYS on BSC was permanently reduced, returning to the level set by the tokenomics model. Cysic stated on October 26 that the cross-chain bridge is expected to be repaired before the end of October 27.
Cysic announced that it burned BNB tokens on Smart Chain 7,200,002 CYS, approximately equivalent to 860000 USD。
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The burn consisted of 1 tokens in a test burn and 7,200,001 tokens in a main burn, with both transactions confirmed on-chain.
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Cysic stated that the burn was intended to offset tokens unauthorizedly minted in the cross-chain bridge security incident.
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Cysic stated on October 26 that the cross-chain bridge is expected to be repaired before the end of October 27.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Cysic offset tokens unauthorizedly minted in the cross-chain bridge security incident by burning the corresponding amount of CYS. Following the burn, the supply of BNB on Smart Chain CYS was permanently reduced.
Why it matters to readers
This shows that Cysic has taken on-chain remediation measures, but whether the cross-chain bridge has been repaired still requires further confirmation.
A token burn reduces circulating supply but cannot, by itself, prove that the cross-chain bridge security risk has been eliminated.
Risks and unknowns
The available evidence does not confirm that the cross-chain bridge repair was completed as planned.
The available evidence does not specify the cause of the security incident, losses, or subsequent compensation arrangements.
Related Developments
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Related concepts
Cross-Chain Bridge
A tool that connects different blockchain networks and supports cross-network token transfers or communication.
