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Binance Burned $575M BNB in ​​Q4 2022

The largest cryptocurrency exchange Binance held another quarterly burning of BNB coins. 2.06 million BNB worth over $575 million was destroyed.

Recall that the BNB token was launched in 2017 on Ethereum. After the launch of Binance Smart Chain, the tokens were transferred to this network. Initially, 200 million BNB were issued, but with the help of quarterly burns, the exchange is going to reduce the number of available coins to 100 million.

The number of coins burned is determined by the volume of trading on the Binance exchange. Considering that the lion’s share of cryptocurrency transactions are now being made on the site, the volume of BNB burned is constantly growing. To date, about 21 million coins have been burned in total.

Binance representatives recalled that on October 7, 2022, the BSC Token Hub inter-network bridge was hacked. The attackers managed to release about 2 million BNB coins. Of this amount, 1.06 million BNB were blocked and subsequently burned, and the remaining 1 million will be burned during the quarterly BNB destruction.

It is also reported that at the moment, about 16 million BNB remain in the Ethereum network in the form of ERC-20 tokens. At the same time, most of the tokens are stored on Binance, so the site will automatically convert to BNB on the Binance Smart Chain network.

“We completed the first burn in 2023 and are ready for new opportunities. Looking at the state of the market, I hope for the recovery of the industry and its development in the long term. Keep creating new things!” wrote Binance CEO Changpeng Zhao.

Note that American sites refuse to list BNB, despite significant capitalization. This is due to regulatory concerns.

Source: Bits

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