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Binance Reports 2 Million BNB Burning After Recent BNB Chain Hack: Details

Thu, 10/13/2022 - 11:09
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Gamza Khanzadaev
Binance announces enormous BNB burning worth half a billion dollars days after hack
Binance Reports 2 Million BNB Burning After Recent BNB Chain Hack: Details
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The world's leading cryptocurrency exchange, Binance, announced the end of the 21st stage of burning BNB, the exchange ecosystem's native cryptocurrency. Thus, Binance reported that 2,065,152 BNB worth $550 million were burned, an all-time record in monetary terms. However, the number of burned BNB is not the largest in the history of the ecosystem, as previously Binance has repeatedly burned more than three million BNB.

So far, 39 million BNB have been burned out of the 200 million BNB that made up the cryptocurrency's initial supply. The overall goal is to bring the number in circulation below 100 million BNB. At the same time, the BNB Burn portal predicts that by the end of the final quarter of the year, the amount of coins burned in fiat terms is expected to be just as high, if not higher.

BNB Chain exploit aftermath

The information about the burning of BNB worth more than half a billion dollars came just a few days after the BNB Chain exploit. Recall that the amount of funds stolen as a result of the hack was about $100 million, and among other things, one million BNB were stolen.

Binance Hack Update: Controversy Around Binance’s “Centralized” Nature

Despite the severity of what happened, the ecosystem team was able to quickly deal with the aftermath and restart the blockchain. A Moran hard fork was then activated on the network in order to fix the software as well as to further induce a vote to freeze the stolen funds at the hacker's address on the BNB network and auto-burn them.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.