https://cointelegraph.com/news/binance-exchange-burns-547m-worth-of-bnb-tokens
In an announcement, Binance said that it had destroyed a total of 2,065,152 BNB tokens, which is valued at just below $600 million at the time of writing. The exchange also mentioned that an added 4,833.25 BNB was burned through its Pioneer Burn Program, a mechanism that helps users who have lost their digital assets through honest mistakes.
The exchange covers these losses and returns the tokens to users, depending on the specific conditions. These tokens are then deducted from the total quarterly burn by Binance.
Previously, Binance committed to burning 20% of its profits for each quarter. With the latest burn, the exchange could have profited by $2.7 billion during the third quarter of 2022.
The 21st quarterly BNB burn is one of the larges amounts burned in BNB burn history in terms of its fiat value. Back in 2021, around $600 million in BNB was burned, marking the largest BNB burn on record.
Despite the massive amount burned, the burning efforts don't seem to have had a huge impact on t Binance Coin markets at the moment, with BNB prices moving slowly downward along with the rest of the crypto market.
On Oct. 3, the exchange also owned up to its commitment to help tTerra Luna Classic (LUNC) — formerly Terra (LUNA) — investors by burning the LUNC trading fees collected on its LUNC/BUSD and LUNC/USDT spot and margin pairs. The exchange announced that in the initial burn, around $1.8 million worth of LUNC tokens were burned.
While some parts of the community are burning tokens, some are burning artworks worth millions of dollars. On Oct. 12, British artist Damien Hirst set some of his physical artworks ablaze during a livestream to complete his nonfungible token (NFT) project called "The Currency."
DBS is launching over-the-counter cryptocurrency options trading and structured notes for institutional and accredited clients, becoming the first Asian bank to offer products directly linked to Bitcoin and Ethereum.
AnaisAI researchers are advocating for a robust contingency plan to address the risk of losing control over AI systems. This measure seeks to prepare for scenarios where AI could act unpredictably, emphasizing the need for strong safeguards and strategies to manage potential risks.
KikyoSC Ventures has invested in One Trading, boosting its role as Europe's first regulated platform for crypto perpetual futures. This investment, alongside increased stakes from existing investors, will support One Trading's launch of innovative crypto products under MiFID II regulations.
WeatherlyDisney+ Hotstar's new AI tool reduces data use by 25% for offline video downloads and increases watch time per gigabyte by 12.5% while maintaining video quality. The technology optimises data based on scene complexity and user habits, promising more efficient streaming.
AnaisEthereum is underperforming against Bitcoin and competitors like Solana, with its ETH/BTC ratio hitting a three-year low. Despite this, Bitwise CIO Matt Hougan views Ethereum's dominance in DeFi and stablecoins as a strong long-term investment opportunity, anticipating potential gains if regulatory clarity improves.
WeatherlyAnimoca Brands is considering Hong Kong for its upcoming IPO due to the city’s growing digital asset sector. Despite a drop in valuation from $5.9 billion to between $1.5 billion and $3 billion, the company is focused on expanding and has yet to set a firm IPO timeline.
AnaisBhutan has become a major Bitcoin player by mining 13,011 BTC, worth around $780 million, through a partnership with Bitdeer and using its hydropower resources. This mining initiative, which has boosted Bhutan’s capacity to 600 megawatts, represents a third of its GDP and reflects a strategic shift towards digital assets.
AnaisUSDT is trading at a 0.3% discount to the USD/CNY, meaning investors have been cashing out. Bitcoin prices are showing strength, but derivatives traders are skeptical that the momentum may not last.
AlexAndras Istvan Arato, known as "Hide The Pain Harold," is making waves at Token2049 in Singapore, where he’s a guest of Memeland and the NFT community Arc. From his origins as a stock image model, Arato has embraced his meme fame, leading to numerous public appearances and commercial opportunities.
WeatherlyBlackRock and Microsoft are launching a $30 billion AI investment fund, in collaboration with Global Infrastructure Partners, to support the growing demand for AI infrastructure. This fund aims to secure up to $70 billion in debt financing to build data centers and energy solutions necessary for advancing AI technology.
Anais
