HashKey Group has officially announced it will begin the first buyback and burn of its HSK token. The confirmation follows mounting pressure from the community over a lack of transparency and delay in executing the promised deflationary plan.
According to HashKey’s update on X, the team explained that the delay was due to ongoing efforts in regulatory compliance and international expansion. While the token launched in November 2024 with a clear roadmap, no buybacks or burns have been recorded to date.
The organization dedicated 20 percent of its net profits to execute HSK buybacks and quarterly burn programs. The official token dashboard maintains a display of zero HSK tokens repurchased even though the company made buyback commitments.
Also Read: Whale Alert Tracks 131 Million XRP Transfer as Binance Emerges as Recipient
Current months have brought increasing doubt about these token purchase plans among HSK investors and holders.
HashKey has declared its plan to initiate the planned buyback process. The group maintained that token repurchase operations will begin after business operations stabilize and will provide ongoing announcements through official platforms.
Token Supply Details and Investor Reaction
The HSK token maintains a fixed total supply of 1 billion tokens. Of this, 650 million tokens are allocated for ecosystem development, with 155 million already unlocked. Team members were allocated 300 million tokens, but only 16.7 million have been unlocked so far.
The remaining 50 million tokens are reserved for risk management and remain fully locked.
No wallet currently holds more than 5 percent of the token supply, suggesting efforts toward decentralization. Despite this structure, the section designated for buyback and burn activities has shown no activity since the token’s launch.
Source: CoinMarketCap
The confirmation of the upcoming buyback triggered a sharp drop in HSK’s price. The token fell 11.85 percent in 24 hours, dipping from a high of $0.3846 to $0.3386. However, trading volume rose significantly by 24.05 percent to reach $3.6 million, indicating increased investor interest despite the decline.
Conclusion
HashKey’s confirmation of its first HSK token buyback marks a pivotal development after months of silence. As community pressure continues, the company’s ability to deliver on its promises will be closely watched.
Also Read: Can Holding 1,000 XRP Really Make You Rich? Here’s What You Should Know
