Klaytn Foundation: Monitoring abnormal on-chain liquidity and is repurchasing KLAY from the market

ChainCatcher news, the Klaytn Foundation announced that due to the abnormal fluctuations in on-chain liquidity detected on October 21, it has decided to repurchase KLAY tokens from the secondary market to stabilize the Klaytn ecosystem. The Klaytn Foundation stated that the funds for the repurchase come from the stablecoin reserves held by the Klaytn Foundation, and the repurchase will take place on centralized exchanges, with the repurchased tokens being burned. The Klaytn Foundation mentioned that to prevent market manipulation, the repurchase plan was not announced in advance. (source link)