Floki DAO Greenlights $24 Million Token Burn to Enhance Security

Floki has announced an initiative to destroy over 190.9 billion Floki tokens, accounting for two percent of its total circulating supply, currently valued at approximately $24 million. This decision was made by the Floki Decentralized Autonomous Organization (DAO), where the community members voted in favor of this action. The process of burning these tokens is expected to be carried out within the next week.

The primary goals behind this significant token burn include bolstering the security of the Floki network and reducing the circulating supply to prevent any potential security breaches or market dumps associated with these tokens' integration with external services. Initially earmarked for dealings with Multichain, a cross-chain bridge service, these tokens were withdrawn to a secure, multisignature wallet managed by Floki for safety reasons. This move came ahead of Multichain's collapse, underscoring the prudence of Floki's decision to secure and subsequently burn these tokens to ensure they remain unused.