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OKX Burns $180 Million in OKB, Whale Alert Reports Massive Outflows to Anon Wallets

Fri, 03/24/2023 - 14:55
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Yuri Molchan
OKX exchange announced results of 19th buy-back-and-burn program, millions of OKB have been burned
OKX Burns $180 Million in OKB, Whale Alert Reports Massive Outflows to Anon Wallets
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Chinese crypto journalist and blogger Colin Wu has shared that OKX removed a large amount of its native OKB tokens this year as part of its 19th buy-back-and-burn initiative.

In the meantime, Whale Alert spotted a large number of OKB transfers made from OKX to anonymous wallets.

$177,000,000 in OKB go up in flames

According to a blog post published by OKX crypto giant, the 19th round of the aforementioned program started in December last year and finished on the last day of February 2023. During that period, the team managed to buy back from the secondary market and then send to dead wallets a total of 5,183,976.43 OKB worth roughly $177,000,000 (the calculations of this dollar equivalence were made using the 90-day average price).

The post also stated that OKX spent 30% of transaction fees charged on spot trading on buying back OKB.

Related
Breaking: Binance Temporarily Suspends Spot Trading

OKX moves close to 5 million OKB: Whale Alert

On March 23, prominent crypto tracking platform Whale Alert detected 26 transactions carrying OKB. Each of them moved 180,000 tokens, 4,680,000 OKB in total. They were all sent to the OKX burn wallet, 0xFf1Ee8604F9ec9C3bB292633bB939321AE861B30.

OKBWA_00qerghe435OKXburned
Image via Twitter

The circulating supply of OKB, the blog post says, constitutes 241,454,998 tokens. A total of 58,545,001.93 of them have been removed from circulation already since 2019.

At the time of writing, the token is changing hands at $44.36, showing a minor decline over the past 24 hours. On Feb. 16, OKB prices jumped to an all-time high of $52.31 as the founder of OKX, Star Xu, announced the launch of a new OKBChain.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.