Binance's Latest Quarterly Token Burn Results in the Elimination of 1.99 Million Coins, Worth Over $484 Million.

Binance’s Latest Quarterly Token Burn Results in the Elimination of 1.99 Million Coins, Worth Over $484 Million.

As part of its ongoing token burn program, Binance, a leading cryptocurrency exchange, successfully completed its twenty-fourth quarterly token burn. This time, they removed a total of 1.99 million coins from circulation, with a staggering value of more than $484 million. The news was initially reported by Forklog.

The token burn initiative was first introduced by the company in 2017, aiming to reduce the circulating supply of BNB tokens by 100 million, which represented half of the total issuance. Since 2021, the number of coins subject to removal has been automatically calculated using the innovative Auto-Burn formula.

Among the tokens destroyed in the second quarter, 747.5 BNB tokens were designated for the Pioneer Burn program, which specifically focuses on removing tokens that are considered lost by their rightful owners.

Notably, Binance had previously executed a similar event in April 2023, during which they burned 2.02 million coins worth over $676 million.

It is worth reminding that, following the PopcornSwap scam, there have been discussions among the victims, speculating that Binance could potentially utilize the token withdrawal mechanism to return stolen BNB tokens, amounting to approximately $15 million, to their rightful owners.