CRO Token Rebirth Sparks Controversy: Crypto.com Recasts 70 Billion Burned Tokens

Recently, a highly anticipated proposal has emerged on the Cronos chain, which involves the re-minting of 70 billion CRO Tokens. This amount is equivalent to 3.3333 times the current circulation, effectively re-minting the 70% CRO Tokens that were destroyed in 2021. This move has immediately sparked intense controversy and skepticism within the community.

Despite widespread skepticism from the community and opinion leaders, Crypto.com remains steadfast in its views. In subsequent public communications and media interviews, company executives even stated: "Trust us, or sell your tokens," a stance that has further exacerbated the community's discontent.

There was a dramatic turn of events during the voting process. Initially, the opposing votes held an absolute advantage, and the number of votes had not yet reached the threshold for effectiveness. However, just before the voting was about to close, suddenly 3.35 billion CRO flooded into the voting pool, all casting affirmative votes. Reports suggest that these tokens came from nodes controlled by Crypto.com, which hold nearly 70%-80% of the voting power.

After the proposal was passed, the CRO community fell into chaos. The leadership of Crypto.com became the focus of criticism. However, for veterans in the cryptocurrency industry, CRO's actions, while unpleasant, were not entirely unexpected.

Looking back at the development history of Crypto.com, it can be seen that this is not the first event to provoke community backlash. The predecessor of CRO was MONACO (MCO), an old project launched through ICO in 2017, focusing on the cryptocurrency payment card business. In 2018, the project was renamed to Crypto.com and issued the CRO Token.

In August 2020, Crypto.com announced the integration of the MCO Token into the CRO system, a decision that sparked significant controversy at the time. In February 2021, the company announced the destruction of 70% of the tokens, claiming it was to promote decentralized governance. However, just four years later, these destroyed tokens were re-minted under the pretext of supporting ETFs.

Even more puzzling is that just the day after the proposal to reforge 70 billion CRO was passed, the Cronos team put forward a new proposal to burn 50 million CRO. The motivation behind this action is difficult to understand; it is unclear whether it is to appease the community's anger or some form of mockery.

This series of events has triggered deep reflections on the essence and significance of blockchain. If tokens that have already been destroyed can easily be reborn, then how much credibility does the promised immutability and decentralization of blockchain technology actually hold? This question is worth the entire cryptocurrency community's thorough contemplation.