Community slams Crypto.com CEO over 70B CRO re-issuance

Quick Summary:

In four years following the burn, a Cronos blog post on March 2 announced a vote on the creation of a Cronos Strategic Reserve by reversing the 2021 token burn.“In 2021, 70 billion CRO were burnt in one of the most significant burn transactions in history.

Major cryptocurrency exchange Crypto.com came under fire following an allegedly manipulated vote leading to a massive token burn reversal on Crypto.com’s Cronos blockchain.Crypto.com CEO Kris Marszalek took to X on March 19 to highlight the firm’s financial and regulatory stability amid the ongoing controversy over the 70 billion Cronos (CRO) token re-issuance.

Last-minute voters approved re-issuanceDespite notable community backlash, the vote results came in favor of a Cronos Strategic Reserve, spurring controversy and speculation over alleged vote manipulation.“Totally manipulation to come in at the last minute and vote yes, the CDC [crypto dot com] is as centralized as a blockchain can be, and shouldn’t be since there’s no real governance when 70% of the voting power is in the CDC,” one GitHub commentator wrote.

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Article Details

Author / Journalist: Cointelegraph by Helen Partz

Category: Crypto

Markets: United StatesJapan

Topics: Community Post March 2021 Vote Billion Burn Blockchain Crypto Cronos Token

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-19 @ 10:08:21 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 648 words

Reading Time: 4 minutes read

Sentences: 16 lines

Sentence Length: 41 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27175698

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