sorta but not really,
the bacteria is living off off the excess nutrients in the tank.
here is a little light reading for ya ( for those link hounds here is one of my links for ya's )..
another
link for reading..
one of the problems when you / anyone has a cyano out break, it locks up the nitrogen in the tank, so your readings for nitrates/nitrites are or may not be right at all. you will see a slight O2 depletion but since the nitrogen is locked up you can not get a real measurement.the nitrogen is coming in from the nitrates breaking down during the De-nitrification process, the cyano jumps all over that and lives off of this.
one of the best ways to combat this, is to have a good skimmer , don't over feed, vacuum when the lights are on( cyano seems to love the lighting we have) and keep up on good tank cleaning. If you have a tank up for a wile, one thing to do is also check your lights, as the bulbs get older they change the Nm of light coming out of them. once you start getting to the lower end of the scale the cyano seems to like that ( or at least form what i have seen)..
others have used products to help kill it off, since it is a bacteria , Eryro, will kill it or help kill it, but that can and will kill a lot more with in the tank. you really dont want that , so no meds.....
there are clean up crews that will go after cyano or at least look like they are.
now Cyano , is usally called the Blue -
green algae, funny how is it is usally seen as red, but cyano can be several other colors too, red, brown, black, and i belive an oranagish color too..
HTH