OKX Burns $630 Million Worth of OKB Tokens in Record-Breaking Event
In its 22nd repurchase and burning event on Dec. 14, OKX removed approximately 10.53 million OKB, valued at around $630 million. This achievement once again establishes a new high for the platform.
Repurchased and Burned
The OKB team initiated the 19th phase of its buy-back and burn program from Dec. 1st, 2022, to Feb. 28th, 2023. In this round, a total of 5,183,976.43 OKB, valued at approximately $177 million, calculated at a 90-day average price, was repurchased and burned from the secondary market.
OKB’s Buy-Back and Burn Program
Launched on May 4, 2019, the OKBโs buy-back and burn program involves OKX repurchasing tokens every three months from the original supply of 300,000,000 OKB, considering market conditions and operational performance. These repurchased tokens are then sent to an inaccessible burning address. To date, a total of 58,545,001 OKB has been burned, leaving 241,454,998 OKB in circulation.
Climbing to the Top
According to the CoinMarketCap Spot Exchanges report, OKX is now in the 4th spot of the largest exchanges. The platformโs growth has since made it a target for hackers, with reports indicating that the exchange had experienced an exploit that led to a loss of $430,000 on Dec. 13.
Hot Take: Burning Bright for Success
In its latest burning event, OKX has once again demonstrated its commitment to token repurchasing and reducing the supply of OKB tokens in circulation. With a record-breaking burn of $630 million worth of OKB, OKX aims to maintain its position as one of the top exchanges in the market. However, this success has also attracted attention from hackers, highlighting the need for robust security measures in the crypto industry. Despite challenges, OKX continues to climb the ranks and assert its dominance in the cryptocurrency exchange space.
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