Floki Inu Burns Over 5 Trillion Tokens After Disabling Its Main Cross-Chain Bridge

Floki Inu has burned a whopping 5.1 trillion tokens in two transactions. 

In a tweet yesterday, the team shared proof of the transactions showing that 5.1 trillion tokens were sent from both the BNB Smart Chain and the Ethereum blockchain to two dead wallets.

We have burnt 5.1 trillion $FLOKI tokens and disabled the main $FLOKI cross-chain bridge.

This decision was made in line with the decision of the #Floki DAO.

BNB chain TX proof: https://t.co/vlRNSXLefN
ETH chain TX proof: https://t.co/KrpE3Q1rKb https://t.co/5gUUYprT2p

— FLOKI (@RealFlokiInu) February 9, 2023

According to data from BSC Scan, the team sent a total of 2,260,003,686,908 (2.26 trillion) FLOKI tokens worth $52.52M from its BNB Chain-based bridge contract to a dead address. In the same vein, Floki Inu also sent 2,844,738,025,323.620857557 (2.84 trillion) tokens worth $66.11M to a dead wallet on the Ethereum network.

At the time of the incineration, the burned tokens were worth $124M, making the transaction one of the most significant burns in the crypto industry, FLOKI claims.

It bears mentioning that the team burned the tokens out of the 5.57T non-circulating tokens in the bridge contract. Following the incineration of 5.1 trillion FLOKI, the team will return the remaining tokens to its treasury. 

Notably, the recent burn comes after Floki DAO voted to burn 4.97T tokens and lower transaction tax to 0.3%. While Floki Inu effected the reduction of the transaction tax on February 3, it scheduled the token incineration for February 9. Although the team had initially planned to burn 4.97T tokens, the number of tokens incinerated yesterday was increased to 5.1 T. 

Floki Inu Disable Its Main Cross-Chain Bridge

Meanwhile, Floki Inu also confirmed that it had disabled its main bridge. It is noteworthy that the bridge helps users to move FLOKI tokens from the BNB Chain to the Ethereum network and vice versa.

Floki Inu noted that its decision to disable the chain is due to the recent attacks that have rocked the DeFi space. According to Floki Inu, malefactors have stolen $2.5 billion worth of crypto via bridge exploits in the past two years.

Half of all DeFi exploits in the last 2 years have been cross-chain bridge exploits, with over $2.5 billion lost in bridge exploits in the last 2 years alone.

— FLOKI (@RealFlokiInu) February 9, 2023

Aside from the threat of the cross-chain bridge, the community also voted in support of a DAO proposal, urging the team to disable the protocol to secure the Floki Inu ecosystem.

The announcement comes weeks after cryptocurrency aggregate platform CoinMarketCap added FLOKI to its metaverse category.