Oh, Crypto.com, you sly dog! 🐕 Renowned blockchain detective ZachXBT has accused you of pulling a fast one—reissuing 70 billion CRO tokens that were supposedly “permanently burned” in 2021. ZachXBT, the Sherlock Holmes of crypto, called it “borderline fraud.” And guess what? This drama unfolded right after Trump Media announced a partnership with Crypto.com to launch ETFs on March 24. Because, of course, it did. 🤷♂️
ZachXBT, who’s made a career out of exposing crypto shenanigans, took to X to roast Crypto.com. He wrote: “CRO is no different from a scam. Your team just reissued 70B CRO a week ago that was previously burned ‘forever’ in 2021 (70% total supply) and went against the community wishes as you control majority of the supply. Unsure why Truth would choose a partnership with your exchange over Coinbase, Kraken, Gemini, etc after this move by your team. h/t Unchained Crypto for the data.”
In a follow-up post, ZachXBT dropped the mic: “Ya originally the total CRO supply was 100B. In 2021 they burned 70B of the CRO supply. Everyone between that time and now bought expecting 30B CRO would be max supply. Now 1-2 weeks ago they reissue the 70B CRO burned permanently. I’ve never seen anything like it (from a major company).”
And how did this all come to light? Unchained Crypto reported that Cronos Labs, Crypto.com’s blockchain arm, quietly proposed a governance vote on March 2 to mint 70 billion CRO back into circulation. Coincidentally, this was the same day Trump announced a national strategic Bitcoin reserve. Because timing is everything, right? 🕰️
Crypto.com’s Token Burn Reversal: The Plot Thickens
Back in 2021, Crypto.com burned 70% of CRO’s total supply in a move that was supposed to make the token more valuable and trustworthy. The community loved it. CRO soared during the 2021 bull run, peaking at $0.96. But now? It’s trading at a measly $0.10. Ouch. 😬
Token holders are furious, and for good reason. In the crypto world, token burns are supposed to be final—like losing your car keys in a black hole. Major players like Binance, Ethereum, and Shiba Inu have never reissued burned tokens. But Crypto.com? They’re rewriting the rules. 🚨
On March 17, the proposal to reissue the tokens was adopted. And guess who swung the vote? Large validators operated by Crypto.com, which reportedly control 70-80% of the voting rights. Shocking, right? 🙄
At press time, CRO was trading at $0.10. Let’s see if it can recover from this PR disaster. 🍿
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2025-03-26 09:13