Monday, December 5, 2022
HomeTechnologyBinance burns $550 million worth of BNB token: Report

Binance burns $550 million worth of BNB token: Report

On October 13, the top cryptocurrency exchange, Binance announced via tweet the completion of 21st step of burning BNB, the native token of the crypto exchange ecosystem.

Binance in its report declared that 2,065,152 BNB worth $550 million were burned, setting a new record in terms of money. Although Binance had previously burned more than three million BNB, this is not the largest burned BNB occurred in the history of the ecosystem.

BNB token

Out of 200 million BNB that form the original supply of a cryptocurrency, 39 million have already been burnt. The main objective is to reduce the amount of BNB in circulation to under 100 million.

The BNB Burn portal forecasts that the amount of coins burned in fiat terms will be at least as large, if not higher, by the conclusion of the year’s final quarter.

Just a few days after the BNB Chain exploit, information regarding the burning of BNB valued more than half a billion dollars surfaced.

About $100 million worth of funds were stolen as a result of the attack, along with one million BNB.

In spite of the serious exploit, the binance team was able to handle the fallout and restart the blockchain without delay. 

In order to fix the software and further encourage a vote to freeze and automatically burn the stolen cash at the hacker’s address on the BNB network, a Moran hard fork was then initiated on the network.

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