Share this article
Crypto Exchange OKX Burns $258M of OKB Tokens in Record Move
OKX periodically buys back and burns the tokens to reduce their supply on the open market.
Updated Jun 9, 2023, 9:10 a.m. Published Jun 9, 2023, 9:10 a.m.
Crypto exchange OKX burned over $258 million worth of its tokens from March to May in a planned move, sending the token higher as the broader crypto market remained little changed.
“In this round, the total number of OKB bought back and burned from the secondary market was 5,497,312.77 OKB” OKX said in its buy back-and-burn report released Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
OKB tokens rose to $45 from $44 as details of the completed burn were released. They are up 1.4% in the past 24 hours. The token has a market capitalization of over $2.6 billion.
The buy-and-burn program was launched in May 2019, when OKX started to purchase OKB tokens from the original supply of 300,000,000 every three months, depending on seasonal market and operating performance.
Burn refers to the permanent deletion of tokens from circulating supply by sending them to a wallet address that is controlled by no one. A drop in supply can, over time, lead to price increases for such tokens if demand continues to grow.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Federal Reserve Cuts Rates 25 Basis Points, With Two Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
Top Stories
