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

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.

OKX announced the 19th burning of platform tokens. From December 1, 2022 to February 28, 2023, the amount burned will be $177m. OKX stated that it spent 30% of the spot transaction fees to repurchase.

— Wu Blockchain (@WuBlockchain) March 24, 2023

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.

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.