๐น 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 tokensโa move that many see as a betrayal of the original burn commitment. โ ๏ธ๐ฅ
๐ธ Struggling Vote Passes in Final Hours โณ
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. ๐โ
๐ธ Whatโs the Justification? ๐ค
Crypto.com claims that reinstating these tokens will fund Cronos ecosystem growth, including:
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AI-driven applications ๐ค
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A potential CRO-based ETF ๐
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Support for new blockchain initiatives ๐
The 70 billion CRO will be stored in an escrow wallet and released over a five-year vesting schedule under โstrict controls.โ
๐ฅ Community Backlash & Centralization Concerns
๐น Critics argue this move undermines decentralization and goes against Crypto.comโs past commitment to permanently burning these tokens. โ๐ฅ
๐น Independent validators largely opposed the plan, but Crypto.comโs own validatorsโincluding Starship, Falcon Heavy, Electron, Antares, and Minotaur IVโtipped the scales in its favor. โ๏ธ
๐น Some CRO holders believe this sets a dangerous precedent where projects with enough validator control can push through controversial decisions. ๐จ
๐น To counter the backlash, Crypto.com introduced a 50 million CRO burn proposal on the same day voting ended. Critics called this move โa spit in the faceโ since it represents only 0.07% of the newly minted supply. ๐ก
๐ CRO Price Drops Amid Controversy
๐ธ Following the vote, CROโs price dropped over 3%, now trading at $0.08. ๐
๐ธ Frustration remains high among holders, with many questioning Crypto.comโs governance model.
๐ Whatโs 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.
๐ข Do you think this move will hurt Crypto.comโs credibility? Let us know your thoughts! ๐๐ฌ