Rebirth: The $70 billion CRO burned 4 years ago is resurrected

The incident was caused by a proposal made by Cronos chain under Crypto.com in early March. The proposal was to re-mint 70 billion CRO (equivalent to 3.3333 times the current circulation of CRO tokens).

Crypto behemoth Crypto.com faced backlash for its proposal to re-mint 70 billion CRO tokens, an act that would effectively negate the 2021 burn event. The proposal, discussed at length on Cronos chain, drew criticism from both community members and prominent KOLs.

Despite the widespread dissent and doubts, Crypto.com remained firm in its stance. In several AMAs and media interviews, executives from Crypto.com repeatedly stated “trust us or sell.”

The “No” votes against the proposal far outweighed the "Yes" votes in the first few days of the vote and were far from reaching the quorum (the threshold for voting to take effect). However, just before the end of the vote (14:00 UTC on March 16), 3.35 billion CRO were suddenly poured into the voting pool, all voting in favor.

These tokens are said to belong to the nodes controlled by Crypto.com, and these nodes control nearly 70%-80% of the voting rights.

After the so-called “decentralized” vote was passed, the CRO community was thrown into chaos, and Kris from Crypto.com became the target of public criticism.

But for the OGs in the cryptocurrency circle, the CRO operation is not reasonable, but at least it is expected. Looking back at the history of Crypto.com’s rise and development, it is not difficult to find that this is not the first community rebellion (and it is estimated that it will not be the last).

CRO’s predecessor is MONACO ($MCO), an old project that launched its ICO in 2017 and is a payment gateway that uses crypto cards as its entry point. It became very popular as soon as it was listed in 2017/2018, and almost all major exchanges rushed to list it, including Binance, Okex, Coinbase, Bithumb, Upbit, etc.

In the second half of 2018, they announced a brand upgrade from Monaco to Crypto.com. At the end of 2018, they also issued a token called $CRO based on the Crypto.com ecosystem. It was very popular when it was first listed, and quickly appeared on major Chinese and Korean exchanges. Note that Crypto.com had not yet announced its entry into the exchange business.

One thing that impressed me most was that CRO was listed on two major Korean exchanges around October 2019. Less than a month later, Crypto.com announced its entry into the exchange. The person in charge of listing CRO at the time was so angry that he almost flipped the table - it was really a good move to sneak into Chencang.

Fast forward to August 2020, Crypto.com announced that the MCO token would be incorporated into the new $CRO system. I have forgotten the specific ratio, but Monaco holders only accounted for a fraction of the total CRO market, which also caused an uproar (the community was in an uproar).

Rumor has it that the purpose of this move may be to "backdoor" CRO to be listed on Binance. After all, CRO was in its heyday at the time (market value TOP20), and its daily average trading volume was among the best. Successfully listing CRO is equivalent to having an additional money printing machine, but who would have thought that Binance would not buy it at all. After the coin swap in 2021, MCO was delisted, and the listing of CRO also came to a halt.

There was another episode. In February 2021, Crypto.com officially announced that in order to embrace decentralized governance and the establishment of Cronos chain, it decided to burn 70% of the tokens (you can imagine the number of tokens held by the project).

However, four years later, Crypto.com announced that it had decided to re-mint the tokens that were burned that year in order to support the ETF.

Finally, there is one more interesting thing. On March 16, the day after the proposal to re-mint 70 billion CRO was passed, the Cronos team proposed another proposal to burn 50 million $CRO. Is this to calm the anger of the community? Or is it a mockery? I don’t understand.

If all burned tokens can be reborn, then what is the point of blockchain?

Author link: https://x.com/agintender