Cysic Burns 7.2 Million CYS to Offset Unauthorized BNB Smart Chain Mint

Cysic said it burned 7,200,002 Cysic tokens (CYS) on BNB Smart Chain (BSC), offsetting most of the amount created in an unauthorized mint during an Oct. 17 bridge compromise.

Both burn transactions were confirmed on-chain. Cysic said the action brings BSC’s CYS supply back in line with its tokenomics model.

The compromise resulted in 10 million CYS being minted on BSC without authorization. The receiving address sold 7.2 million before Cysic blacklisted it, leaving about 2.8 million CYS frozen.

The burn fulfills Cysic’s earlier plan to burn 7.2 million CYS by the end of October.