Crypto.com (CRO) Promises to Launch Crypto-based ETFs With Trump Media, But Gets Accused of Fraud

Soon after Crypto.com announced its plan to partner with Trump Media, an American media and technology company majority-owned by US President Doanld Trump

Crypto.com, the well-known payment, trading and financial company, has been accused of fraud by on-chain investigator ZachXBT. According to him, the company has secretly reissued at least 70 billion CRO tokens that were burned in 2021, going against the promise of a permanent token burn.

Earlier this week, news broke of Trump Media aiming to launch crypto-based ETFs with Truth.Fi. These ETFs will mainly consist of BTC and will be structured in a way to minimize any direct involvement of Trump Media in the operation.

However, the plan still requires approval from regulatory agencies.

The news comes shortly after Trump Media announced its partnership with Crypto.com. Together, they plan to introduce crypto-based ETFs under the Truth.Fi brand.

The decision to re-mint the burned tokens was implemented through the community voting process.

Crucially, Crypto.com holds no less than 80% of the voting power, easily pushing the decision through despite concerns raised by many CRO token holders.

Several members of the community expressed their displeasure with the move to re-mint the burned tokens. One long-time CRO supporter, expressed his disappointment, adding: “A burn is a burn, burnt tokens shouldn;t be brought back to life.”

The total circulation supply of Cronos is now 27,408,853,450. Its market cap is $2,900,268,360 and its FDV is $10,307,330,727.

The new development may make CRO inflationary, reducing its scarcity and potentially lowering its value.

Since its all-time high in 2021, CRO has fallen over 91%. In the last one year, the CRO market has experienced a drop of 31.2%. Though it has grown by 33.6% in the last seven days, it has dropped by 1.5% in the last 24 hours.

According to ZachXBT, Trump Media is not aware of Crypto.com’s fraud.

The main part of the proposed ETFs will be composed of CRO, with Bitcoin and traditional securities playing an equally important role. However, the plan still requires approval from regulatory agencies.

Together, Trump Media and Crypto.com aim to launch the Truth.Fi Pay and Invest App in early 2024.

The decision to re-mint the burned tokens was implemented through the community voting process. Crucially, Crypto.com holds no less than 80% of the voting power, easily pushing the decision through despite concerns raised by many CRO token holders.

Many believe that the re-minting of CRO is a power move by Crypto.com to maintain control. Several members of the community expressed their displeasure with the move to re-mint the burned tokens. One long-time CRO supporter, , dismissing the move to re-mint the burned tokens, noted: “A burn is a burn, burnt tokens shouldn;t be brought back to life.”

The total circulation supply of Cronos is now 27,408,853,450. Its market cap is $2,900,268,360 and its FDV is $10,307,330,727.

The new development may make CRO inflationary, reducing its scarcity and potentially lowering its value.

Since its all-time high in 2021, CRO has fallen over 91%. In the last one year, the CRO market has experienced a drop of 31.2%. Though it has grown by 33.6% in the last seven days, it has dropped by 1.5% in the last 24 hours.

According to ZachXBT, Trump Media is not aware of Crypto.com’s fraud.

The main part of the proposed ETFs will be composed of CRO, with Bitcoin and traditional securities playing an equally important role. However, the plan still requires approval from regulatory agencies.

Together, Trump Media and Crypto.com aim to launch the Truth.Fi Pay and Invest App in early 2024. The decision to re-mint the burned tokens was implemented through the community voting process. Crucially, Crypto.com holds no less than 80% of the voting power, easily pushing the decision through despite concerns raised by many CRO token holders.

Many believe that the re-minting of CRO is a power move by Crypto.com to maintain control. Several members of the community expressed their displeasure with the move to re-mint the burned tokens. One long-time CRO supporter, , dismissing the move to re-mint the burned tokens, noted: “A burn is a burn, burnt tokens shouldn;t be brought back to life.”

The total circulation supply of Cronos is now