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OKX’s OKB repurchase hits record $630m in burning event

okxs-okb-repurchase-hits-record-630m-in-burning-event
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OKX’s OKB repurchase hits record $630m in burning event

In its 22nd repurchase and burning event on Dec. 14, OKX removed approximately 10.53 million OKB, valued at around $630 million. 

This achievement once again establishes a new high for the platform.

Repurchased and burned

The OKB team initiated the 19th phase of its buy-back and burn program from Dec. 1st, 2022, to Feb. 28th, 2023. In this round, a total of 5,183,976.43 OKB, valued at approximately $177 million, calculated at a 90-day average price, was repurchased and burned from the secondary market. 

OKX's OKB repurchase hits record $630m in burning event - 1
Buy Back And Burn Report | Source: Dune Analytics

Launched on May 4, 2019, the OKB’s buy-back and burn program involves OKX repurchasing tokens every three months from the original supply of 300,000,000 OKB, considering market conditions and operational performance. 

These repurchased tokens are then sent to an inaccessible burning address. To date, a total of 58,545,001 OKB has been burned, leaving 241,454,998 OKB in circulation.

In response to the latest announcement, community members were quick to share sentiments such as, “OKX is burning too much money and wants to climb to the top of the market.”

Climbing to the top

According to the CoinMarketCap Spot Exchanges report, OKX is now in the 4th spot of the largest exchanges.

The platform’s growth has since made it a target for hackers, with reports indicating that the exchange had experienced an exploit that led to a loss of $430,000 on Dec. 13.