A password will be e-mailed to you.

The tweet, which stated that $40m had gone, swept through the crypto space early this morning.

Many feared that the popular exchange had been hacked.

 

 

This fear affected the market, with the Binance coin dropping almost 10% (from $23 to $19.)

CZ was quick to clear up confusion, taking to twitter  for the misunderstanding:

 

 

 

 

 

 

 

 

He was in fact referencing a planned token burn.

BNB is the in-house cryptocurerrency for the Binance exchange. Users can buy the coin and receive a 50% saving on exchange fees whilst trading on the site.

 

Of the coins collected from fees, the Binance exchange burns 20%.

 

This is done to reduce the supply of the Binance coin, causing it to appreciate in value.

 

 

It’s a system that rewards users of the exchange as the platform grows it’s user base.

 

 

So far the token has jumped from 10 cents to $23 this year alone.

Tokens will continue to be burned until a total of 100 million have been removed.

This token burn, for the second quarter, saw 1,821,586 BNB removed.

No more articles

 

 

 

 

 

 

Get CSN Tokens