Oh dear, Crypto.com’s in a spot of bother! It seems they’ve decided to reissue a whopping 70 BILLION Cronos (CRO) tokens that were previously given a lovely funeral pyre in 2021 🚫💀. The crypto community is having a right old meltdown about it, and we can’t say we’re surprised 🙄.
Enter ZachXBT, the blockchain Sherlock Holmes, who’s taken to X (because, where else?) to accuse Crypto.com of being, well, a tad scammy 🤑. His exact words?…
“CRO is no different from a scam.” Ouch, harsh words, Zach! 😳
Apparently, the initial token burn was meant to be, you know, PERMANENT 🔒, reducing the circulating supply and all that jazz. But now, it seems Crypto.com’s all, “Nah, let’s just bring them back, shall we?” 🤷♂️. ZachXBT’s not having it, claiming this U-turn goes against the community’s wishes and concerns about centralized control 🚫.
This drama unfolds just as Crypto.com’s announcing a fancy partnership with Trump Media to launch some US crypto ETFs 📈. One can’t help but wonder if this token re-issuance is a case of “growth at all costs” 🤑.
Crypto.com’s CEO Tries to Calm the Storm ☁️
Kris Marszalek, the CEO, jumped into an AMA (because crisis management is all about swift action, right? 🕒) to defend the re-issuance. His explanation? The initial burn was just a defensive move during crypto’s “war” days 🛡️. Now, with the new US administration being all crypto-friendly 🤝, it’s time to get aggressive and grow, grow, GROW! 🚀
“…the war on crypto is over… There’s a need for an aggressive investment to win.” 🏆
He also assured everyone that this is what the community wants and needs to compete globally 🌎. Though, one might argue, it’s a bit rich coming from a company that might just have a teensy bit too much control over the voting power 🤫.
The Great Governance Debate 🗣️
A report by Unchained has raised eyebrows, suggesting Crypto.com’s validators control a whopping 70% of the voting power on the blockchain 🚨. It appears two major voters (allegedly controlled by Crypto.com, because why not? 🙃) swung the decision with their massive CRO holdings. The proposal passed, but with a significant chunk of voters abstaining 🤔.
Critics are, understandably, up in arms about the lack of decentralization and transparency 🌫️. Because, what’s crypto without a bit of democracy and openness, eh? 🤷♀️
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2025-03-25 19:08