Crypto.com faces backlash after last-minute vote approves minting 70 billion CRO

Crypto Exchange Crypto.com was criticized after a last -minute voting overvoltage obtained approval from its controversial proposal 70 billion CRO tokens.

According to a report From Unchained, the proposal had struggled to reach the quorum of 33.4% required during most of the voting period. However, in the last hours, a sudden influx of 3.35 billion cronos (Cro) The votes exceeded it before the threshold, guaranteeing an approval of 61.18%.

The proposal in question aimed at creating a Cronos strategic reserve by effectively reversing a token burn in 2021 which was to eliminate the same number of traffic tokens permanently

Crypto.com Argued that the reintegration of these tokens would support the long -term growth of the Cronos ecosystem and would help finance initiatives such as AI -focused applications and a potential CRO fund on the stock market.

The newly created CRO will be placed in an entire portfolio and released on a five -year acquisition calendar. The reserve will follow strict controls, including adjustments in CRO emission parameters to prevent inflation from assigning validator rewards.

The criticisms argued that the revival of the previously burned tokens saps confidence and raises concerns concerning the decentralization of cronos. (See below.)

Another member of the community slammed The decision, the appellant proof that Cronos works as a centralized entity. They argued that only the Main Crypto.com team would support such a decision.

Most independent validators opposed the plan, but the own validators of Crypto.com, including Starship, Falcon Heavy, Electron, Antares and Minotaur IV, finally overthrew the balance in its favor.

According to Unchained, until March 10, only two of the company’s validators, Starship and Falcon Heavy, had supported the proposal. As the vote closed, they were joined by three other validators of Crypto.com -Run – Electron, Antares and Minotaur IV.

While a few independent validators, including Costation and Polkachu.com, also voted in support, their influence was minimal compared to the internal votes of Crypto.com.

A large holder of CRO told UNCHAINED that they feared that the last -minute votes of Crypto.com established a precedent where projects with sufficient control of the validator could push decisions despite the opposition.

With the proposal now approved, the Cronos blockchain should undergo an upgrade that will officially experience 70 billion tokens. However, frustration among CRO holders remains high, some calling for the decision a betrayal of the initial burning commitment.

In addition, the same day, the vote ended, Crypto.com presented A proposal to burn 50 million CRO, which represents only 0.07% of the newly created offer. This decision aroused new criticism, with a CRO validator calling this “spits in all the faces of CRO holders”.

Meanwhile, CRO was on a downward trend since the vote was adopted, slipping from more than 3% to $ 0.08 at the time of the editorial staff. Crypto.news contacted Crypto.com to comment but did not receive an answer at the time of publication.