Things were confusing on the CyberConnect (CYBER) side, which spent the last week at the top, and there was a 50 percent decline in the cryptocurrency.
Immediately after Grayscale won its lawsuit against the SEC, there were strong rises in the crypto market. It was seen that BTC increased by nearly 7 percent due to the news effect. On the other hand, similar movements occurred in altcoins. However, some altcoins separated from the market and achieved sharp increases. CyberConnect, one of these altcoins, rose to the top in a short time. CYBER rose from $3,719 to $16.
A situation that emerged later caused confusion on the CyberConnect side. CYBER has fallen nearly 50 percent from its peak due to the influence of intense FUDs.
What’s happening on the CyberConnect side? Why did CYBER fall?
CyberConnect (CYBER), which dominated the crypto market last week, continues the day with a 50 percent decline. A protocol error is behind this huge decline on the CYBER side.
According to the news by WuBlockchain, there was a confusion in the tokenomics in the CyberConnect project. CyberConnect has released an emergency proposal CP-1 that uses CYBER to provide liquidity to cross-chain bridges. This protocol makes available 7,000,000 CYBERs on the Binance Smart Chain network and 3,888,000 CYBERs on the Ethereum network to maintain cross-chain bridge liquidity.
The impact of the news was so sharp that there was a 32 percent drop in one hour. CYBER, which experienced a retreat from the peak region of $ 16, was spending the day around $ 13.50. Due to the news, the price of CYBER dropped to $9.55.
A statement came from the project team about CP-1. The team reported that an error occurred in CP-1’s snapshot proposal. The CyberConnect developer team stated that the proposal was rejected due to the error that occurred in CP-1.
Addressing the immediate error, the team stated that the intended use of the Community Treasury was actually 1,088,000 CYBERs and that the figures were misspelled in the CP-1 proposal. Additionally, the team underlined that this amount is not locked.
There was a mistake in the snapshot proposal CP-1 and so it was rejected. https://t.co/TiSN6mWBor
— CyberConnect (@CyberConnectHQ) September 2, 2023
