Binance destroys BNB worth $640M in largest burn event ever
Cryptocurrency exchange Binance held its 17th Binance Coin (BNB) burn event where nearly 1.4 million tokens, worth about $640 million were eliminated from the secondary market this time.
This time, the exchange burned over 1,335,888 BNB, worth a total of $639,462,868 making it the largest burn event in history
The last burn event took place in July, where 1.3 million tokens were burned.
Binance burns its BNB coins quarterly. At the time of the BNB coin launch in 2017, BNB announced plans to burn 100 million tokens, which is half of the total supply. Based on data reports, BNB’s supply has decreased by 16.6% when combining the burns of all 17 burn events.
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