On September 3, CyberConnect released a statement about CYBER Bridge and CP-1. CyberConnect stated that community users alerted Cyber DAO to errors in the first proposal. Although the official quickly repealed the proposal, it still did not stop rumors in the market, triggering panic, uncertainty and doubts about CYBER. Officials take full responsibility for the error and are introducing safeguards to ensure a similar incident does not happen again. We would like to assure the community that the rumors regarding CYBER token manipulation and market manipulation are unfounded and were caused by errors in the circulating supply of the token. The recent surge in demand for CYBER tokens in the Korean market has resulted in price differences as major Korean trading platforms only support CYBER deposits and withdrawals on Ethereum. In order to solve this situation, the official proposed the CP-1 proposal, which aims to optimize the liquidity of CYBER tokens on the three networks (ETH, OP and BNB) by introducing a bridge. However, the proposal made an error regarding the number of CYBER currently unlocked in the community treasury, and the proposal was ultimately declared invalid. The bridging ensures a healthy balance of CYBER tokens across the three networks without unlocking new CYBER or changing the token’s current supply.

Golden Finance reported that CyberConnect’s official X (Twitter) account admitted that there were major errors in the emergency proposal CP-1, leading to a strong market reaction. The error resulted in the proposal being rejected, which had a significant impact on the value of the CYBER token. Snapshot Proposal CP-1 initially aimed to distribute 1,088,000 CYBER tokens from the community treasury. However, a typo caused the proposal to misstate a significantly larger number. The CyberConnect team was quick to spot and acknowledge the discrepancy. The main purpose of the rejected proposal was to leverage Community Treasury tokens to provide liquidity for various bridging services, including CYBER-ETH, CYBER-BSC, and CYBER-OP pairs. The proposal incorrectly stated that a total of 7,000,000 CYBER-BSC and 3,888,000 CYBER-ETH would be used, when only 1,088,000 tokens had been unlocked from the community treasury. After this news was exposed, the value of CYBER tokens suddenly fell sharply, plummeting by more than 20% within an hour. Investors and traders had to grapple with unexpected developments.

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