Cyber responds to the concerns related to the CP-1 proposal and will improve measures to ensure that similar incidents do not occur again

ChainCatcher news, according to official sources, CyberConnect has released a statement regarding CYBER Bridge and CP-1.

CyberConnect stated that although the official quickly revoked the first existing erroneous proposal, it did not stop rumors in the market, leading to panic and doubts about CYBER. The official takes full responsibility for this error and is introducing protective measures to ensure that similar incidents do not occur again. They assured the community that rumors about CYBER token manipulation and market manipulation are unfounded, and these rumors were triggered by incorrect data regarding the circulating supply of the token.

Recently, there has been a surge in demand for CYBER in the South Korean market. Since the major South Korean trading platform only supports deposits and withdrawals of CYBER on Ethereum, this has led to price discrepancies. To address this issue, CyberConnect proposed the CP-1 proposal, aimed at optimizing the liquidity of CYBER tokens across three networks (ETH, OP, and BNB) by introducing a bridge. However, the proposal encountered an error regarding the amount of CYBER currently unlocked in the community treasury, ultimately declaring the proposal invalid. The bridge can ensure a healthy balance of CYBER tokens across these three networks without unlocking new CYBER or altering the current supply of the tokens.

To resolve this issue and prevent similar situations from occurring again, the following measures have been announced:

• A new proposal will be put forward to gain community support for the bridge, with a multi-day voting period for proper review and discussion.

• An external renowned security expert will be commissioned to conduct a security audit of the bridge to ensure maximum safety of the community treasury funds.

• A Dune dashboard has been set up to provide real-time data on the total supply and circulating supply of CYBER tokens, as well as a multi-signature wallet for unlocking tokens.