š¹ 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 tokensāa move that many see as a betrayal of the original burn commitment. ā ļøš„
šø Struggling Vote Passes in Final Hours ā³
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. šā
šø Whatās the Justification? š¤
Crypto.com claims that reinstating these tokens will fund Cronos ecosystem growth, including:
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AI-driven applications š¤
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A potential CRO-based ETF š
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Support for new blockchain initiatives š
The 70 billion CRO will be stored in an escrow wallet and released over a five-year vesting schedule under āstrict controls.ā
š„ Community Backlash & Centralization Concerns
š¹ Critics argue this move undermines decentralization and goes against Crypto.comās past commitment to permanently burning these tokens. āš„
š¹ Independent validators largely opposed the plan, but Crypto.comās own validatorsāincluding Starship, Falcon Heavy, Electron, Antares, and Minotaur IVātipped the scales in its favor. āļø
š¹ Some CRO holders believe this sets a dangerous precedent where projects with enough validator control can push through controversial decisions. šØ
š¹ To counter the backlash, Crypto.com introduced a 50 million CRO burn proposal on the same day voting ended. Critics called this move āa spit in the faceā since it represents only 0.07% of the newly minted supply. š”
š CRO Price Drops Amid Controversy
šø Following the vote, CROās price dropped over 3%, now trading at $0.08. š
šø Frustration remains high among holders, with many questioning Crypto.comās governance model.
š Whatās 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.
š¢ Do you think this move will hurt Crypto.comās credibility? Let us know your thoughts! šš¬
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