- Binance CEO CZ announces the completion of the quarterly BNB burn.
- CZ hints at on-chain transactions to further distribute and spread BNB.
- Binance transfers over $5.3 billion worth of BNB to unknown destinations.
Changpeng Zhao (CZ), the CEO of Binance, took to Twitter to announce the successful completion of the quarterly BNB burn, estimated to be worth over half a billion dollars. According to the information he shared, the burn was executed following a public algorithm.
However, he also hinted at additional on-chain transactions that would take place to further distribute and spread the coins to multiple addresses. In a reassuring tone, Zhao emphasized that there was no need for alarm among the community.
Notably, the BNB burn is a quarterly event in which Binance destroys some BNB tokens to reduce its circulating supply, which can theoretically increase the token’s price. According to the official burn tracking website, the estimated value of the Q3 burn event is 2,099,290 BNBs worth $512,007,858, a significant increase from the 1.9 million burned in Q2. Consequently, the current circulating supply is 153,857,193 BNB.
This latest move by Binance has piqued the interest of the crypto community, as it reflects the ongoing efforts of the exchange to optimize the distribution and utilization of the BNB tokens. Responding to the CEO’s update, Matt Willemsen, Head of Research & Content at Collective Shift, expressed his gratitude.
However, he sought clarification on distributing the coins to more addresses. He asked Zhao whether the distribution meant topping up BNB balances of existing Binance-controlled addresses, sending BNB to newly created addresses, or both.
Another Twitter user Martin.eth shared a screenshot of some massive movement of BNB from Binance to unknown wallets, as captured from the automated market tracker, Whale Alert.
According to the screenshot, Binance moved BNB coins worth over $5.3 billion to unknown destinations.
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