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 <p class="is-style-lead">In its 22nd <a rel="noopener noreferrer nofollow" title="repurchase" href="https://thebittimes.com/tag/repurchase.html">repurchase</a> and <a rel="noopener noreferrer nofollow" title="burning" href="https://thebittimes.com/tag/burning.html">burning</a> <a rel="noopener noreferrer nofollow" title="event" href="https://thebittimes.com/tag/event.html">event</a> on Dec. 14, OKX removed approximately 10.53 million OKB, valued at around $630 million.&nbsp;</p>
 <p>This achievement once again establishes a new high for the platform.</p>
 <h2 class="wp-block-heading" id="repurchased-and-burned">Repurchased and burned</h2>
 <p>The OKB team initiated the 19th phase of its buy-back and burn program from Dec. 1st, 2022, to Feb. 28th, 2023. In this round, a total of 5,183,976.43 OKB, valued at approximately $177 million, calculated at a 90-day average price, was repurchased and burned from the secondary market.&nbsp;</p>
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   <img decoding="async" width="1024" height="435" src="https://cdn.thebittimes.com/images/2023/12/14/4069169060325e7a37622130f9b02471.webp" alt="OKX's OKB repurchase hits record $630m in burning event - 1"> 
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   Buy Back And Burn Report | Source: Dune Analytics
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 <p>Launched on May 4, 2019, the OKB’s buy-back and burn program involves OKX repurchasing tokens every three months from the original supply of 300,000,000 OKB, considering market conditions and operational performance.&nbsp;</p>
 <p>These <a rel="noopener noreferrer nofollow" title="repurchase" href="https://thebittimes.com/tag/repurchase.html">repurchase</a>d tokens are then sent to an inaccessible <a rel="noopener noreferrer nofollow" title="burning" href="https://thebittimes.com/tag/burning.html">burning</a> address. To date, a total of 58,545,001 OKB has been burned, leaving 241,454,998 OKB in circulation.</p>
 <p>In response to the latest announcement, community members were quick to share sentiments such as, “OKX is burning too much money and wants to climb to the top of the market.”</p>
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 <h2 class="wp-block-heading" id="climbing-to-the-top">Climbing to the top</h2>
 <p>According to the CoinMarketCap Spot Exchanges report, OKX is now in the 4th spot of the largest exchanges.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
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   <div class="rll-youtube-player" data-src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/T5HpPH1AB1s" data-id="T5HpPH1AB1s" data-query="feature=oembed" data-alt="What Is OKX? With Pep Guardiola"></div>
   <noscript><iframe title="What Is OKX? With Pep Guardiola" width="1020" height="574" src="https://thebittimes.com/image/getimage/?url=https://www.youtube.com/embed/T5HpPH1AB1s?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
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 <p>The platform’s growth has since made it a target for hackers, with reports indicating that the exchange had experienced an exploit that led to a loss of $430,000 on Dec. 13.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> OpenSea on back-footing as OKX surpasses it in NFT trading volume
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/okx-s-okb-repurchase-hits-record-630m-in-burning-event-tbt73707.html">https://thebittimes.com/okx-s-okb-repurchase-hits-record-630m-in-burning-event-tbt73707.html</a></p>

OKX’s OKB repurchase hits record $630m in burning event

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