CYBER trolled after liquidity proposal rejection, users decry manipulation
- CyberConnect released an emergency proposal to provide liquidity for cross-chain bridges.
- The proposal was rejected, with the network citing a misprint that misled community members.
- The network is now the talk on social media, with users calling it out for manipulation.
CyberConnect released an emergency proposal, suggesting the use of CYBER tokens that remain locked in the network’s treasury to provide liquidity for cross-chain bridges. The proposal was rejected, with the crypto community calling out the network for possible pump-and-dump.
Short Pays Long maybe they shorted their own coin then now buying again to pump it for their Long Position.. Lets Go!
— CustomGameMaster (@CustomGMaster) September 2, 2023
CyberConnect had introduced “Multichain Liquidity Balancing” strategies to achieve price discovery for CYBER. This would make it more efficient across networks.
Its native token, CYBER, deployed on Ethereum CYBER-ETH), Optimism (CYBER-OP), and BNB Chain (CYBER-BSC). Noteworthy, these three deployments are all the same native token to CyberConnect, meaning they can be freely bridged across networks with sufficient liquidity for demands from all networks.
The emergency proposal, dubbed CP-1, has been rejected. The network has cited a typing error.
There was a mistake in the snapshot proposal CP-1 and so it was rejected. The intended usage of Community Treasury for providing liquidity was 1,088,000 CYBER which was unlocked already.
Further, the CyberConnect has explained the mistake, saying:
The intended usage of Community Treasury was 1,088,000 CYBER, which was unlocked already but mistyped to a much bigger number.
The update is that only 1,088,000 CYBER were unlocked to the community treasury, not the 10,888,000 million indicted in the misprint or typo.
Earlier reports pointed to Korean traders possibly pumping the token, considering its massive surge on the South Korean exchange Upbit.
Also Read: CYBER token open interest hits $200 million as Korean traders pump CyberConnect price
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Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
