Cysic Plans to Burn 7.2 Million Cysic Tokens by End of October

Cysic plans to burn 7.2 million Cysic tokens (CYS) from its foundation reserve before October ends, a move intended to offset unauthorized token creation on BNB Chain. Ten million CYS appeared on BNB Chain without authorization during an Oct. 17 compromise of the Cysic bridge. The receiving address sold 7.2 million tokens before Cysic blacklisted it , leaving about 2.8 million CYS frozen there. The bridge moves CYS between Cysic’s mainnet and other networks. Cysic plans to publish the burn’s on-chain transaction record after the transaction is confirmed. Simon Yoon reports on blockchain technology for TokenPost.