Bitget Burns $1.09B in $BGB Amid Governance Transfer to Morph Foundation

Crypto exchange Bitget has burned 220 million BGB tokens and locked another 220 million under the Morph Foundation.

In a tweet, the blockchain analytics platform Lookonchain reported that Bitget burned 220 million tokens worth $1.09 billion. The move permanently removed the tokens from circulation.

Alongside this, another 220 million tokens have been transferred to a new wallet for gradual release at a rate of 2% per month. These funds will support liquidity programs, ecosystem growth, and educational initiatives.

Under the agreement, Bitget has transferred all 440 million BGB tokens it previously managed to the Morph Foundation. The foundation will now oversee the locked allocations and govern BGB, guiding the ecosystem toward sustained long-term growth. #BGB