Onchain sleuth ZachXBT accuses Crypto.com of CRO supply manipulation

Quick Summary:

Suddenly increasing a token’s circulating supply may dilute the value of existing tokens, leading to a price decrease due to supply and demand mechanics.Crypto.com CEO responds to backlashIn response, Crypto.com CEO Kris Marszalek said the move was necessary to support investment growth under the new political climate in the US.“Cronos and Crypto.com have been running separately for years,” Marszalek said during a March 25 AMA on X, adding:“The original token burn from Q1 2021 was a defensive move.

A screenshot from a now-deleted Crypto.com blog post on the 70-billion-CRO token burn.Source: Archive.today“Aligned with our belief, and with the CRO chain mainnet launch just around the corner, we are fully decentralizing the chain network,” the blog post stated, announcing an immediate burn of 59.6 billion tokens.

Source: Kris MarszalekRelated: Michael Saylor’s Strategy surpasses 500,000 Bitcoin with latest purchaseCrypto.com originally disclosed the 70-billion-CRO token burn in a now-deleted February 2021 blog post, referring to it as the “largest token burn in history” with a goal to “fully decentralize the network” at the CRO mainnet launch.

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Author / Journalist: Cointelegraph by Zoltan Vardai

Category: Crypto

Markets: United States

Topics: Billion Supply Community Tokens Burn Token 2021 Zachxbt Cronos Crypto Move

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-25 @ 09:13:37 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 539 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 34 words per sentence (average)

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Copyright Owner: © Coin Telegraph

News ID: 27316838

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