13 August 2025

OKX Reduces OKB Token Supply by 50% with $7.6 Billion Burn

Key developments in cryptocurrency technology are summarized as follows:

OKX Slashes OKB Token Supply: OKX executed a burn of 65.26 million OKB tokens, reducing the supply by over 50%. This burn, valued at $7.6 billion, led to an immediate price increase from $46 to $142 before settling around $102. Trading volume surged by 13,000% to $723 million.
ETH Transaction Volume Increases: Ethereum's transaction volume is approaching its all-time high, driven by technical improvements and lower DeFi costs. Daily transactions have consistently increased, with stablecoin transfer costs dropping below one dollar. A recent gas limit increase has enhanced throughput.
AI Trading Bots Scam Users: Over $1 million was stolen from crypto users via fraudulent AI-generated YouTube videos promoting malicious trading bots. Scammers utilized aged accounts and sophisticated obfuscation techniques to disguise their operations.
Babylon Launches Trustless Bitcoin Vaults: Babylon introduced trustless vaults for BTC staking, allowing users to deposit without relying on centralized entities. The vaults use smart contracts for security and can facilitate lending and stablecoin issuance.

Sentient launched The GRID, an open-source network for monetizing artificial general intelligence systems, hosting over 40 AI agents.
Stripe appointed Matt Huang as CEO of its upcoming blockchain Tempo, continuing a trend toward stablecoin-focused blockchains.

Do Kwon, founder of Terraform Labs, pleaded guilty to fraud charges related to the collapse of the Terra ecosystem, potentially facing a 25-year sentence.
Bo Hines, Trump's crypto adviser, has left his position, with Patrick Witt taking over to guide industry priorities in Washington.