Crypto.com re-mints 70B burned CRO, sparking community outrage as price surges 30%

Crypto.com triggered community indignation by restoring 70 billion Cronos tokens while Zachxbt criticized the decision and questioned Truth Media’s decision to associate with exchange, a partnership that now stimulates the 30% CRO push.

In his Recent article on xSleuth on zachxbt chain criticized crypto.com for Reissue 70 billion Cronos (Cro) tokens–Previously burned in 2021, which goes up the total offer of CRO to its original amount of 100 billion tokens. The decision to reissue the tokens was determined by a governanceWhere 77.97% of participants voted against this, while only 11.86% supported it. However, since 11.86% checked 70 to 80% of the total voting number, the proposal was adopted.

The reissued tokens were placed in the Cronos Strategic Reserve in order to lead the adoption of CRO. The tokens will be subject to a new 5 -year locking period, adding to the previous 5 -year locking which has already passed since the publication of CRO for the first time on Ethereum (Ethn). This means that the total duration of the tokens will be locked is now 10 years. The reissued tokens will be gradually released via an acquisition account of the native cosmos SDK on the Cronos POS channel.

Despite the locking period and the acquisition calendar, the reissue of the burned CRO caused a significant community reaction because these tokens were supposed to be burned “forever”.

Zachzbt condemned this decision, declaring“CRO is no different from a scam.” He also asked why the truth would associate with the exchange on Coinbase, Kraken, Gemini or others.

“My first thoughts: a massive dilution. The selfishness of the company because no one in the community would benefit from it ”, a large holder of anonymous CRO said achained.

“A burn is a burn, burnt token should not be brought back to life. I am almost never against anything on Cronos, but today, I’m against, high time! Benderberg mirror.

“We want a lean and effective tokenomic model that prioritizes burns to drive value, not an inflated offer disguised as” strategy “. said Legion, a Cronos manufacturer.

Despite the community backlash, CRO jumped 30% in last week after a reissue of the tokens. In the past 24 hours only, CRO jumped 28%, the negotiation volume ranging from 1,357% to more than $ 295 million. The rally seems to be motivated by the crypto.com Partnership with Truth Media GroupAs the announcement alluded to a potential Cronos ETF.

The partnership, announcement On March 24, fueled an immediate rally in CRO, which broke out of its consolidation range from about $ 0.07 to $ 0.08 and increased to $ 0.12 by March 25. However, he has since retraced $ 0.10 at the time of the press.

The sharp increase in CRO’s price in spite of the Community UK suggests that the speculative interest is currently stimulating the market. However, although short -term traders can capitalize on the rally, the long -term implications of the reissue of 70 billion CRO are uncertain.

While the feeling is swinging between optimism and skepticism, the future trajectory of CRO will probably depend on the question of whether crypto.com can really take advantage of its extended treasure to stimulate real adoption – or if the delivery decision will simply dilute the supply and ultimately exercise down the price of the CRO price.