Following its quarterly burn, the Binance Chain (BNB) has successfully delisted $548 million worth of BNB, a move that has been relatively unaffected by the market.

Binance cryptocurrency exchange platform in its latest news, Announced had successfully destroyed approximately 2,065,152.42 BNB.

The exchange also stated that an additional 4,833.25 BNB was part of the burn through its Pioneer Burn Program, a burn program that favors those who actually lost their digital assets.

Binance takes responsibility for these losses in the Pioneer Burn Program by deducting tokens (lost by users due to honest mistakes) in the quarterly burn and then refunding users based on some specific conditions.

Binance launched the BNB coin in 2017, and since then, the exchange has committed to burning a large number of BNB coins every quarter. Initially, Binance initiated the BNB burning mechanism by buying back bnb coins with 20% of their profits and then destroying it until they bought back and burned 50% of BNB (100MM).

However, in December 2021, the exchange platform introduced a new burning mechanism which is based on automatic chain calculations.

This means that the BNB auto-burn system weighs the amount of BNB that will be burned automatically based on the BNB price and the number of blocks produced during the quarter. Despite the large amount of BNB coins being burned, the market appears to be unaffected by it, with the BNB coin moving lower and still hovering around $260, at the time of writing.

Speaking of BNB, last week the BNB blockchain suffered a chain hack that occurred in a bridge between blockchains. According to Binance, between $100 million and $110 million worth of BNB tokens were stolen due to this attack.

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