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The okx slashes native supply of token in half

cryptobizinvest.com August 13, 2025

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Welcome to the protocol, CoinDesk’s weekly wraps of the most important story of cryptocurrency tech development. I’m Margaux Nijkerk, Tech & Protocol Reporter of CoinDesk.

In this issue:

OKX slashes OKB token supply of 50% with $ 7.6B burn, price surges
ETH transaction volume has climbed the price rally, cheaper defi costs
Weapon trading bots drain $ 1M from crypto users by AI-generated YouTube scam
Babylon introduces unbelievable Bitcoin vaults for BTC Staking Protocol

Network news

Okx slashes token supply in half: OKB, the token of cryptocurrency exchange OKX, more than three times a record high after company A one -time combustion of 65.26 million OKB was carried outCutting supply of more than 50%. The burning of approximately $ 7.6 billion worth of tokens permanently reduces the maximum supply to 21 million, in accordance with the hard cap coded in Bitcoin. Burning, or sending tokens to a purse address that is not accessible, is carried out from OKX reserves and represents one of the largest deflection events in exchange for token history. Immediately the effect of burning. OKB jumped for $ 142 from $ 46 before retingerching to nearly $ 102. The trading volume scored 13,000% to $ 723 million while entrepreneurs attempted to achieve supply shock. The approach reflects BNB, the BNB chain token, associated with rival exchange exchanges. That is subject to quarterly burn that is often preceded in short -term rallies. – Oliver Knight Read more.

Climbing a volume of transaction with eth : Ethereum transaction volume has become general in an upward trajectory, which closes all the time of 1.9 million transactions on a single day in January 2024. The latest climb draws attention from both retail businessmen and institutional observers, as it reflects a cluster of technical improvements, favorable sentimental market On-chain activity. According to Data from EtherscanDaily transactions have continued to trend higher over the past few weeks. Something else Data shows a seven-day average of daily transactions Their previous records have been exceeded. Analysts suggest that this momentum has been -fueled by a combination of (Defi) Stablecoin protocols and transfers. One of the biggest enablers of the current spike is a major strengthening capacity in Ethereum’s mainnet. The Fidelity Digital Assets Research team CoinDesk said “Ethereum layer has seen a flow to transactions mainly due to a 50% increase in gas limit from March, which provides many transactions that fit each block.” This upgrading significantly increased throughput, enabling better regulating and reducing congestion. As a result, stablecoin transfer costs continue to fall under one dollar, making peer-to-peer activity more affordable. The Fidelity Digital Assets note that the DEFI is currently leading the charts for ETH Burns, based on its main role in network driving activity. – Margaux Nijkerkk Read more.

Weapon trading bots stole $ 1M from crypto users: More than $ 1 million has been to the unobtrusive crypto users through malicious intelligent contracts arising as MEV bots, according to a new Sentinellabs report. The campaign leverages videos generated on YouTube, aged accounts, and obfuscated solid code to bypass the user’s basic review and gain access to crypto wallets. Scammers appear to use AI-generated avatar and voices to reduce production costs and measure video content. These tutorials have been published in aged YouTube accounts surrounded by unrelated content and manipulated comment sections to give the illusion of credibility. In some cases, the videos are not listed and are likely to be distributed via Telegram or DMS. In the middle of the scam is a smart contract that is promoted as a profitable arbitration bot. Victims were directed by YouTube tutorials to deploy the contract using remix, funding it with ETH, and call a “beginning()“Function. In fact, however, the contract has ruined funds in a hidden, controlled purse controlled, using procedures such as Xor obfuscation (which hides data by scrambling it to another amount) and large decimal-to-hex changes (that converts large numbers into wallet-read formats) To mask the destination address (that makes the fund recovery trickier). – Shaurya Malwa Read more.

Babylon introduces unbelievable Bitcoin vaults: The Bitcoin Project Babylon has taken another step toward offering a Decentralized Finance (Defi) Experience in its $ 5 billion staking protocol I have seen somewhere else in the crypto world. The latest development is the introduction of unbelievable vaults, designed to allow BTC holders to deposit their tokens without relying on a centralized creature, such as structured in a new white paper shared with CoinDesk. In the Defi Ecosystem, unbelievable vaults are a form of digital assets or management that eliminates the need for users to trust a central authority or mediator. Instead, systems use intelligent contracts to ensure security and implement vault policies. Babylon said vaults will allow Bitcoin to be used as collateral in defi applications such as lending and stablecoin issuance, as well as staking that its protocol provides. Users can also earn produce in their BTC handles by staking it to support the operation of proof-of-stake networks. They then received rewards paid BabyNative token of Babylon. Development generates part of the broader movement to use the massive amount held in Bitcoin in the power activity of power to other blockchains. – Jamie Crawley Read more.

In other news

Sentient, an artificial intelligence company based in New York, introduced the grid, an open resource network designed for developing and monetizing artificial general intelligence (Agi) Systems. The company said the platform aims to provide a decentralized alternative to closed AI marketplaces from companies such as Openai. Developers can plug in their AI agents, model, or token rewards and earn token rewards, with use and subscriptions available as optional monetization routes. At its debut time, the grid produced more than 40 AI agents, 50 data sources, and more than 10 models, covering both the web2 and web3. This includes tools such as napkins, a generative graphics engine, and EXA, a search startup, as well as agents connected to the blockchain deployed throughout the base, polygon, arbitrum, and more. Users can access them through sentient chat, an interface for discovering and integrating -with agents in workflows capable of facilitating activities such as calendar coordination, code generation, and data commemoration. – Oliver Knight Read more.
Stripe has assigned Matt Huang, co-founder and managing Crypto Venture Capital Firm Paradigm, as its chief executive officer Upcoming blockchain tempo. Huang, who is already sitting on Stripe’s board, will maintain his position in the paradigm. According to Fatecites resources familiar to the project. The move is aligned with a growing flow of the formation of stablecoin -focused blockchains. It includes Plasmarecently attracted more than $ 373 million in an oversubscribe token sale, and tether dedicated to blockchain Stable.– Francisco Rodrigues Read more.

Regulation and policy

Terraform Labs founder Do Kwon sought a conspiracy fault to commit fraud and wire fraud in Manhattan on Tuesday morning, three years after dramatic $ 60 billion falling of the terra/luna stablecoin ecosystem. The 33 -year -old South Korea national came to court in handcuffs and a canary yellow prison jumpsuit, a metal chain around his waist. He admitted that he was “deliberately engaged in a method to deceive and in fact cheated” Terrausd Stablecoin consumers. Under the charges of the original accusation, which included seven other charges such as security and commodity fraud, Kwon faced a maximum sentence of 135 years in prison if condemned to all. Kwon’s plea agreement with the government has fallen into its maximum sentence in 25 years – 20 for the charge of wire fraud, and five for the fraud conspiracy charge, that the judge may be ordered to be delivered in succession or at the same time – but the prosecutors will ask for a maximum of 12 years. After delivering half of his sentence to the US, Kwon is eligible to apply to serve the rest of his sentence to his native South Korea. – Nikhilesh De & Cheyenne Ligon Read more.
President Donald Trump’s crypto advisor Bo Hines, left after just months at work, and the next line-his deputy, Patrick Witt-seems to have a shepherd in the politics of the industry in Washington as it is still looking for regulations throughout the industry and the institution of a Crypto’s federal stock. Witt shares a similar similar history with Hines-Both ex-football stars who played Yale before looking for law degrees and fell into bids for congress seats. There was a Short stint As a free-agent quarterback for the New Orleans Saints after leading the Yale Bulldog team of breath eventually played as a wide recipient. Both ex-athletes tied to their political careers close to Trump in recent years, and Witt will now be the chief engagement with the industry for Trump’s White House, According to his social-media profile to X referring to the title Hines left behind .— Jesse Hamilton Read more.