Overview
- Cysic's cross-chain bridge recorded an unauthorized mint on Saturday, Oct. 17 that created 10 million CYS on BNB Smart Chain.
- About 76 minutes after the mint the team blacklisted the receiving address, freezing roughly 2.8 million of the newly created tokens.
- On-chain tracing shows roughly 7.2 million of the minted CYS moved off BSC and produced about 306.6 ETH, which was bridged to Ethereum and valued near $727,000 in initial reports.
- Cysic says preliminary findings point to unauthorized access to a bridge-supporting database combined with weaknesses in message-processing logic, and the foundation has hired an external security firm to investigate while the bridge stays closed.
- The 10 million mint equals about 1% of the project's 1 billion supply, raising dilution risks for holders because blacklisting only affects CYS on BNB Smart Chain and does not stop converted funds on other chains.