Cysic Bridge Exploit Creates 10 Million Tokens Before $727,000 Moves To Ethereum

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Cysic has suspended its cross-chain bridge after an attacker created 10 million unauthorized CYS tokens on BNB Chain and converted part of the supply into assets moved toward Ethereum. TL;DR: On-chain analysis traced the sale of about 7.2 million CYS and the receipt of 306.6 ETH, valued at roughly $727,000 at the time. The bridge was stopped while the incident was investigated. The mechanics of the attack illustrate why bridges remain an awkward security problem. A token minted on one network is supposed to correspond to an authorized event elsewhere. When that verification breaks, an attacker can create assets with no legitimate backing and sell them into whatever liquidity is available before a project can respond. Blockchain records reviewed in the incident showed the attacker exchanging the newly minted tokens through decentralized venues and routing proceeds across chains. Cysic took action to suspend the bridge and block an address, but intervention came after a substantial portion of the unauthorized issuance had already been traded. The immediate damage is not limited to the ...