Cysic Destroys 7.2 Million CYS on BNB Chain to Offset Unauthorized Minting

Cysic has destroyed 7,200,002 CYS (approximately $860,000) on the BNB Smart Chain to offset tokens that were unauthorizedly minted during a cross-chain bridge security incident. The destruction was completed in two transactions: one was a test destruction of 1 CYS, and the other was the main destruction of 7,200,001 CYS, both of which have been confirmed on-chain. After the destruction, the supply of CYS on BSC has permanently decreased, returning to the level set by the token's economic model. Cysic announced on October 26 that the cross-chain bridge is expected to be repaired by the end of October 27.

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