Binance Permanently Destroyed $547 Million Worth of BNB
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Depending on specific criteria, the exchange pays these losses and returns the tokens to users. The amount of these tokens then reduces the overall quarterly burn by Binance.
Binance to Burn 20% Quarterly Profits
Previously, Binance committed to burning 20% of its quarterly profits. The exchange might have made $2.7 billion during the third quarter of 2022 without the most recent fire. According to its fiat worth, the 21st quarterly BNB burn was one of the largest in BNB burn history. The highest BNB burn was in 2021 when about $600 million in BNB was consumed.
Despite the enormous amount destroyed, it doesn't appear that the burning activities have had much of an impact on the Binance Coin markets, with BNB values slowly falling along with the rest of the cryptocurrency market.
Binance to Assist Terra Luna Classic
The exchange also honored its promise to assist Terra Luna Classic (LUNC) investors on October 3 by eliminating the trading commissions for the LUNC/BUSD and LUNC/USDT spot and margin pairs. According to the exchange, the initial burn of LUNC coins cost almost $1.8 million. While some of the neighborhood burns tokens, others burn artworks worth millions of dollars. To finish his non-fungible token (NFT) project named "The Currency," British artist Damien Hirst set some of his tangible works on fire on October 12 during a Livestream.