đš Controversial Move Sparks Community Outrage
Crypto exchange Crypto.com is under fire after a last-minute surge in votes secured approval for the minting of 70 billion CRO tokensâa move that many see as a betrayal of the original burn commitment. â ď¸đĽ
đ¸ Struggling Vote Passes in Final Hours âł
For most of the voting period, the proposal failed to hit the required 33.4% quorum. However, a sudden influx of 3.35 billion Cronos votes in the final hours pushed it through with 61.18% approval. đâ
đ¸ Whatâs the Justification? đ¤
Crypto.com claims that reinstating these tokens will fund Cronos ecosystem growth, including:
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AI-driven applications đ¤
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A potential CRO-based ETF đ
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Support for new blockchain initiatives đ
The 70 billion CRO will be stored in an escrow wallet and released over a five-year vesting schedule under âstrict controls.â
đĽ Community Backlash & Centralization Concerns
đš Critics argue this move undermines decentralization and goes against Crypto.comâs past commitment to permanently burning these tokens. âđĽ
đš Independent validators largely opposed the plan, but Crypto.comâs own validatorsâincluding Starship, Falcon Heavy, Electron, Antares, and Minotaur IVâtipped the scales in its favor. âď¸
đš Some CRO holders believe this sets a dangerous precedent where projects with enough validator control can push through controversial decisions. đ¨
đš To counter the backlash, Crypto.com introduced a 50 million CRO burn proposal on the same day voting ended. Critics called this move âa spit in the faceâ since it represents only 0.07% of the newly minted supply. đĄ
đ CRO Price Drops Amid Controversy
đ¸ Following the vote, CROâs price dropped over 3%, now trading at $0.08. đ
đ¸ Frustration remains high among holders, with many questioning Crypto.comâs governance model.
đ Whatâs next? The Cronos blockchain will now undergo an upgrade to officially mint the 70 billion CRO, but the debate over its long-term impact continues.
đ˘ Do you think this move will hurt Crypto.comâs credibility? Let us know your thoughts! đđŹ
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