OKX burns $26B in OKB, shuts down OKTChain

Description

Crypto exchange OKX has carried out a permanent burn of 278,999,999 OKB tokens, erasing more than $26 billion worth of the cryptocurrency at today’s prices. On Wednesday, the exchange also revealed it burned roughly 65.26 million tokens acquired through buyback initiatives and stored in company reserves — in a move to restructure its OKB tokenomics and reduce token supply to 21 million from 300 million tokens. The exchange also plans to update the token’s smart contract to strip out minting feat...