Major Cryptocurrency Exchange Crypto.com burns following a alleged manipulated vote leading to a massive token burn reversal at Cronos Blockchain of Crypto.com.
Crypto.com CEO Kris Marszalek was taken on X on March 19 to I -Highlight Financial stability and regulation of the company amid ongoing controversy over 70 billion Cronos (Cro) Token re -issue.
It is important to cancel 70 billion CRO Token burn Announced in 2021, the vote on the return of the tokens has been alerting anger from the community, along with many commentators who criticize the CEO for failing to address the issue of his new thread in X.
“So you make $ 1 billion income but need to be in the mine of 70 billion CRO instead of using those funds to buy some market and help your major community stay positive,” a commentator wrote.
Source: Crypto.com CEO Kris Marszalek
“The biggest token burn in history”
On February 2021, a post now deleted Crypto.com disclosed in February 2021 in a now deleted Crypto.com blog post that 70 billion CRO token burn was called the “largest token burn in history” with the aim of “fully decentralized the network” in the launch of CRO Mainnet.
“It is aligned with our beliefs, and with the launch of the CRO Chain Mainnet around the corner, we completely decentralized the chain network,” said the blog post, announcing an immediate burning of 59.6 billion tokens.
A screenshot from a post deleted crypto.com post to 70 billion CRO token burn. Source: Archive.Tayday
Following the urgent 59.6 billion CRO burns, 0.4 billion of remaining tokens were directed at monthly combustion, while another 5.9 billion CRO was sent to block rewards, and 0.9 billion CRO was allocated to particle B for the development of the chain ecosystem.
Why reverse the burn?
In the four years following Burn, a Post on the Cronos blog on March 2 announced A vote on creating a Cronos strategic reserve by returning to the 2021 token burn.
“In 2021, 70 billion CRO was burned in one of the most significant burning transactions in history.
An excerpt from Cronos’ vote proposal to return to the 2021 CRO token Burn. Source: Cronos
Launched on March 3, the vote received many negative comments from the community on social media, with many posters Encouraging That the CRO issue is the “opposite of what this community wants.”
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“I hope people vote against it, it’s a scary -awful idea,” a commentator Says.
Last minute voters approved the re -issue
Despite the well -known community backlash, the results of the vote are in favor of a Cronos Strategic Reserve, Spurring controversy and speculation in the alleged manipulation of the vote.
“Fully manipulation to enter the last minute and vote Yes, the CDC (Crypto DOT com) write.
CRO voting results show 70% support from the community. Source: Mintscan
According to the unidentified resources of Laura Shin, it is said to crypto.com Controls 70-80% of the total voting power, it is important to eliminate the need for any management vote.
Following the massive backlash, crypto.com announced An event of Ask-me-no matter what to come on March 25, with the CRO token burn which seems to have been the main issue on the agenda.
“Looking forward to catching up with our community on Tuesday,” CEO of Crypto.com Says In a post on March 19 at X, adding the hashtag “Makecrorogreatagain.”
Cointelegraph approached Crypto.com for a comment on the return of the Burn but did not receive a response at the time of publication.
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