One of the world's largest crypto exchanges, Crypto.com, has suffered intense community backlash following an allegedly manipulated vote that reversed a massive token burn
Crypto.com, one of the world’s largest crypto exchanges, has faced backlash from the community following a vote that reversed a massive token burn on its Cronos blockchain.
Crypto.com Token Re-Issuance Sparks Backlash
It all starts with the re-issuance of 70 billion CRO tokens, a decision that cancels the 2021 token burn, which was once touted as “the largest token burn in history.”
The reversal is part of a move to establish a Cronos Strategic Reserve that would return the total supply of CRO to 100 billion tokens. Critics argue that this move undermines the community’s trust and the original intent to decentralise the network at its mainnet launch.
Kris Marszalek, CEO of Crypto.com, took to X on March 19 to highlight the firm’s financial and regulatory stability amid the ongoing dispute. As expected, the post was met with angry users.
One commentator criticised the move by saying:
Another user on x classified the company’s moves as “greed and control” tactics:
As criticism grew, Crypto.com announced an ask-me-anything (AMA) event scheduled for March 25, with the CRO token burn reversal set to be the primary topic.
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