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crypto.news 2025-03-18 06:15:29

Crypto.com faces backlash after last-minute vote approves minting 70 billion CRO

Crypto.com faces backlash after last-minute vote approves minting 70 billion CRO

Crypto exchange Crypto.com has come under fire after a last-minute voting surge secured approval for its controversial proposal to mint 70 billion CRO tokens. According to a report from Unchained, the proposal had struggled to reach the required 33.4% quorum for most of the voting period. However, in the final hours, a sudden influx of 3.35 billion Cronos ( CRO ) votes pushed it past the threshold, securing a 61.18% approval. The proposal in question was aimed at creating a Cronos Strategic Reserve by effectively reversing a 2021 token burn that was meant to remove the same number of tokens from circulation permanently Crypto.com argued that reinstating these tokens would support the long-term growth of the Cronos ecosystem and help fund initiatives like AI-driven applications and a potential CRO-based exchange-traded fund. The newly minted CRO will be placed in an escrow wallet and released over a five-year vesting schedule. The reserve will reportedly follow strict controls, including adjustments to CRO’s emission parameters to prevent inflation from affecting validator rewards. Critics have argued that reviving previously burned tokens undermines trust and raises concerns about Cronos’ decentralization. (See below.) https://twitter.com/Wyll_BBK/status/1896452917722296775 Another community member slammed the decision, calling it proof that Cronos operates as a centralized entity. They argued that only Crypto.com’s core team would back such a move. You might also like: Crypto.com joins CF Benchmarks, enhancing Bitcoin and Ethereum indices Most independent validators opposed the plan, but Crypto.com’s own validators, including Starship, Falcon Heavy, Electron, Antares, and Minotaur IV, ultimately tipped the scales in its favor. According to Unchained, until Mar. 10, only two of the company’s validators, Starship and Falcon Heavy, had backed the proposal. By the time voting closed, they were joined by three more Crypto.com-run validators—Electron, Antares, and Minotaur IV. While a few independent validators, including Cosmostation and Polkachu.com, also voted in support, their influence was minimal compared to Crypto.com’s internal votes. One large CRO holder told Unchained they were concerned that Crypto.com’s last-minute votes set a precedent where projects with enough validator control could push decisions through despite opposition. With the proposal now approved, the Cronos blockchain is set to undergo an upgrade that will officially mint the 70 billion tokens. However, frustration among CRO holders remains high, with some calling the decision a betrayal of the original burn commitment. Further, on the same day voting ended, Crypto.com introduced a proposal to burn 50 million CRO, which is just 0.07% of the newly minted supply. The move drew further criticism, with a CRO validator calling it a “spit in all CRO holders’ faces.” Meanwhile, CRO has been on a downward trend since the vote passed, sliding over 3% to $0.08 at the time of writing. crypto.news reached out to Crypto.com for comment but had not received a response at the time of publication. Read more: Kraken and Crypto.com to launch proprietary stablecoins in 2025

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