On the side of CyberConnect, the market is confused! 50 percent down!

Things got confused on the side of CyberConnect (CYBER), which spent the last week at the top, and there was a 50 percent decrease in the cryptocurrency.

Right after Grayscale emerged victorious from its lawsuit against the SEC, the crypto market saw strong upswing. With the effect of the news, it was seen that BTC rose close to 7 percent. On the other hand, similar movements came in altcoins. However, some altcoins left the market and recorded sharp rises. CyberConnect, one of these altcoins, rose to the top in a short time. CYBER climbed from $3,719 to as high as $16.

A situation that emerged later confused the market on the side of CyberConnect. CYBER, with the effect of intense FUDs, experienced a decrease of close to 50 percent from its peak.

What’s going on 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. Behind this huge decline on the CYBER side, there is a protocol error.

According to the news of WuBlockchain, there has been 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 had a pullback from the $16 peak area, was spending the day around $13.50. With the news effect, the price of CYBER fell to $ 9.55.

A statement about CP-1 came from the project team. The team reported that an error occurred in the snapshot offer of CP-1. The CyberConnect developer team stated that the offer was rejected due to the error that occurred in CP-1.

Addressing the momentary error, the team stated that the intended use of Community Treasure was actually 1,088,000 CYBERs, and the numbers were misspelled in the CP-1 proposal. In addition, the team underlined that this amount is not locked.