Binance’s 18th BNB token burn completed with 1.6 million tokens getting cleared from circulation worth $800 million as we can see in today’s binance news.
The largest crypto exchange in the world, completed Binance’s 18th BNB burn to mark the first quarterly auto burn which removed about $800 million worth of tokens from the network. According to a blog post from Binance, the burn removed about $1.6 million tokens. 6296 of those tokens were burned thorugh the Binance Pioneer Burn program that counts BNB mistakently sent to dead wallets.
As the first auto-burn, the burn was not manually conducted through the Binance exchange revenue generation but BNB was collected for removal through Binance Smart Chain’s auto-burn mechanism. The auto-burn mechanism determines how much BNB to burn according to the formula based on the BNB price and the number of blocks produced in the same quarter. It is set to replace manual burns in the future. The previous burn erased about 1.3 million BNB tokens from circulation worth $640 million at the time. Binance plans to reduce the token count to half of the original supply from 200 million to 100 million via these burns.
As recently reported, In another concerning development, the blockchain security company Peckshield revealed looking into another 50 dubious projects on the Binance smart Chain. The rug pulls happened so often during 2021 and in this kind of scam, the developers of defi projects abandon it and drain the users’ funds.
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Binance Smart Chain was one of the most badly hit platforms which lured plenty of malicious actors since its inception.
Peckshield revealed detecting more than 50 tokens with rug-potentials ont the Binance Smart Chain, and the latest Peckshield data shows that they alerted the community that the admins behind the tokens can mint unlimited tokens and restrict users from selling the coins even blacklist the accounts. The tokens at risk are operated by anonymous teams and the company deemed the projects as a medium in terms of severity. In 2021, we witnessed plenty of rug pulls and they became one of the most utilized scams of choice. According to Chainalysis, these rug pulls accounted for 37% of the scam revenue a year ago compared to the 1% in 2020.
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