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Binance Burns Nearly $400 Million Worth BNB Tokens

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Binance's 16th quarterly token burn event has destroyed $400 million in BNB. According to the company, a total of 1,296,728 BNB worth $393,673,653 were burned in total.

 

The quarterly burn of Binance Coin is one of the most eagerly awaited events in the Binance community (BNB). This time, the corporation squandered about $400 million of it.

Binance Burns Nearly $400 Million Worth BNB Tokens

An addition of 5,163 BNB was destroyed through the exchange's Pioneer Burn Program, which is designed to assist users who have lost tokens due to honest mistakes in smart contract transactions.

The remaining locked team BNB has been unlocked and relocated to the team address, as per the white paper. Except for burning, the Binance team has never used or sold a single BNB from the team allocation, the company said.

It's also worth noting that, since Binance switched to a new burning scheme, it's no longer viable to reverse-engineer the burn and calculate the company's profit. Binance burned less BNB last time, but its total USD worth was larger - around $600M - in April.

Changpeng Zhao, the exchange's CEO, also announced that an additional 16 million BNB were unlocked and moved to a team address, as per the BNB whitepaper's plan.

 

He did, however, clarify that the "team has never utilised or sold a single team BNB thus far, just burned them," to dispel any worries.

Read more about: bitcoin cryptocurrency
Story first published: Monday, July 19, 2021, 17:57 [IST]
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