- 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.
The quarterly #BNB burn is done, according to the public algorithm.I was told there will be some more on-chain (large) transactions shortly, to further distribute/spread the coins to more addresses. Nothing to be alarmed about.
— CZ Binance (@cz_binance) July 19, 2023
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…
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The post CZ Says No Cause for Alarm Amid $5.3B BNB Movement to Unknown Wallet appeared first on Coin Edition.