OKX burns OKB tokens worth $258 million

The cryptocurrency exchange OKX conducted its twentieth buy-back and burn of native tokens. The platform removed almost 5.5 million OKB from circulation, worth about $258 million (based on the 90-day moving average).

OKB has completed its 20th buyback and burn, with 5,497,312.77 OKB bought back on the secondary market and burned, worth about $258 million (based on the 90-day average price), transferred to the black hole address.

Currently #OKX has burned a total of 64,042,314.70 OKB, and the circulating supply of OKB is 235,957,685.30.

— OKX中文 (@okxchinese) June 9, 2023

The platform launched the OKB Buy-Back & Burn program in May 2019. OKX buys back tokens every three months in accordance with market and operational metrics. The assets are sent to the burn address, to which no one has access.

The cumulative count of destroyed coins reached 64 million. 236 million OKB are in circulation from the initial issuance of 300 million tokens.

The asset’s price reacted to the quarterly burn with a modest rise — OKB gained 1.3% in 24 hours. The crypto market capitalization over this period fell by 0.2% (CoinGecko).

In May, OKX published its seventh monthly reserve report, showing $10 billion in Bitcoin, Ethereum and the stablecoin USDT.