Crypto Chaos: 70 Billion Tokens Re-Minted, Community in Uproar! 😱

by

Ah, Crypto.com, the grand puppeteer of the crypto circus, has once again stirred the pot! 🎪 The company’s audacious proposal to re-mint 70 billion CRO tokens—a move that undoes its 2021 token burn—has left its community in a state of collective disbelief. 🤯

This decision, passed in the eleventh hour, has left many CRO holders feeling as though they’ve been handed a bouquet of thorns. 🌹💔

The Last-Minute Miracle (or Manipulation?)

For most of the voting period, which spanned from March 2 to March 16, the outcome hung in the balance like a tightrope walker without a net. 🎪 The “yes” votes were leading, but the proposal failed to meet the 33.4% quorum of eligible votes. That is, until Sunday at 14:00 UTC, when a sudden deluge of 3.35 billion CRO tokens tipped the scales. 🏋️‍♂️

This miraculous influx secured the necessary quorum and gave the “yes” votes a significant boost. Voter turnout was a respectable 70.58%, with the final tally showing 62.18% in favor, 17.61% against, and 20.11% abstaining. 🗳️

To put it in perspective, only 11.86% of validators initially voted “yes,” with only two of Crypto.com’s validators—Starship and Falcon Heavy—supporting the proposal. 🚀 By the end of the vote, three more Crypto.com-controlled validators—Electron, Antares, and Minotaur IV—joined the fray. 🛸 Meanwhile, two independent validators, Cosmostation and Polkachu.com, also backed the proposal, though their votes were but a drop in the ocean. 🌊

Given that Crypto.com controls between 70-80% of the total voting power, it’s no surprise that the company tipped the scales in its favor. 🎰 Community members were quick to cry foul, accusing Crypto.com of manipulating the process. One large token holder lamented on Telegram:

“They [Crypto.com] pushed their votes almost at the last minute. And now they created a precedent that other projects could follow.”

The Fallout: Cronos Blockchain Upgrade and Community Backlash

With the vote secured, Crypto.com is set to upgrade the Cronos blockchain and re-mint 70 billion CRO tokens. 🏗️ The newly minted supply will vest over five years and serve various purposes, including the potential creation of a CRO ETF (exchange-traded fund). 💼

Notably, the original 70 billion CRO burned in 2021 will remain out of circulation. However, the timing and nature of this decision have fueled skepticism within the community, especially given Crypto.com’s prior assurances that the 2021 burn was final. 🤔

A day after the controversial re-minting passed, Crypto.com introduced another proposal to burn 50 million CRO tokens. This constitutes about 0.07% of the freshly minted supply and has been met with widespread derision. 😒

“It is a spit in all CRO holders’ faces. I mean, how dare you re-mint 70 billion tokens and on the same day start a proposal for burning 50 million tokens,” crypto journalist Laura Shin revealed, citing one validator who opposed the re-minting proposal on Telegram.

The comment reflects the general sentiment among the Crypto.com community. Many feel that this irreparably damaged their trust in the platform. 🏚️

Amidst an outraged community and eroded trust in Crypto.com, the fallout from this decision could have long-term repercussions for the company and the broader Cronos ecosystem. Meanwhile, voting on the latest burn proposal continues. 🗳️

Amidst this backlash, Cronos’ CRO price is down by almost 5%. BeInCrypto data shows CRO was trading for $0.08 as of this writing. 📉

Crypto.com did not immediately respond to BeInCrypto’s request for comment. 🤐

Read More

2025-03-18 12:17