In a tweet dated July 11, the team behind Deviant Coin notified the community that a coinburn will be performed the next day:

Coinburn will be performed tomorrow by UTC 10:00 AM! More details accompanied by the attached screen! We thank all our fellow Deviants and will attribute all the success to them.

Earlier, the team had tweeted that:

800000 is the number of coins we will burn. Let this be a lesson for the exploiters who want to disrupt the crypto community. Details to follow tomorrow!

As seen in the tweet, the coinburn is a response to the action of exploiters and hackers. Now let’s roll the hand of time back a bit.

Deviant Coin (DEV) is a security blockchain project for masternodes which eliminates the need for intermediaries and claims to operate with more than 90% PoS block reward. Sadly, the project was recently attacked by hackers who succeeded in exploiting loopholes in their system and obtained large amounts of DEV.

The hackers started by demanding 10 BTC in exchange for not leaking the discovered exploit in the Deviant blockchain code. However, the Deviant team refused to comply with this attempt to extort them. In response, the hackers made true their promise, by releasing the exploit. The exploit allowed masternode wallet addresses to increase their reward payout and frequency.

After investigating, the team decided to freeze all DEV trading and this has helped them stop the hackers from selling their stolen cryptos, as well as help them trace the wallets that participated in manipulating the blockchain.