Bitget Token (BGB) completes initial burn, destroying 800 million BGB

Dear BGB holders,

We are pleased to inform you that the first burn of Bitget Token (BGB), as announced in the recent article titled "Announcement on the Bitget Token (BGB) whitepaper update and initial burn," has now been successfully completed.

Details of the initial burn:

1. Amount burned: 800 million BGB
2. Percentage of total supply: 40%
3. Source of tokens burned: 19% from tokens held by the core team, while 21% from tokens in circulation and held by the core team.
4. Burn method: The BGB tokens were burned by being sent to a burn address: 0x0000000000000000000000000000000000000000.
5. Transaction hash:
   https://etherscan.io/tx/0x1eb8474b1e2745d6cee42227e13f1b8f2f51d62ecbafb8a0bbab5668aca033f8 https://etherscan.io/tx/0x8be7a7fa66e8f8436877be59f75587b0b70b9bd59c7d48209364f764a80934ae https://etherscan.io/tx/0x022d15afd6b3a3b15f435d892bc474dbe9cdbf68eb44849f9e83c1ae993cb074 https://etherscan.io/tx/0x2b8a236eb0aa14d6e4d430c2b1208b37a6b5ec4f88d072a372d748e87df7e8bc https://etherscan.io/tx/0xab1a0b305fc812280d836026f065a7821d9cd7d80a2a1d46adc8846680340776 https://etherscan.io/tx/0xef11e8d52f42c18f2b55ade512d24fea3f5cf31d7a47161e8d8fc43e39e854ff
6. Total supply of BGB: 1,200,000,000
7. Circulating supply of BGB: 1,200,000,000

About the quarterly BGB burn mechanism:

Starting in 2025, Bitget will allocate 20% of its quarterly profits from exchange and wallet operations to buy back and burn BGB. These profits include transaction fees from spot, futures, and margin trading on the Bitget exchange, as well as income from swaps, futures, and NFT trading on Bitget Wallet.

The buyback and burn process will take place on a quarterly basis, typically completed at the start of the following quarter. After each buyback, Bitget will destroy the BGB tokens by sending them to a burn address. The exact amount burned and on-chain records will be published following each burn event.

Thank you for your continued support and trust.