Crypto.com has come under fire after it reversed a major token burn on the Cronos blockchain, which was initially announced in 2021 as the “largest token burn in history.”
Crypto.com has come under fire after it reversed a major token burn on the Cronos blockchain, which was initially announced in 2021 as the “largest token burn in history.” The company planned to burn 70 billion CRO tokens to decentralize the network but recently proposed to reissue these tokens, bringing the total supply back to 100 billion. This has led to widespread criticism and accusations of vote manipulation within the crypto community.
The proposal, introduced on March 2, suggested the creation of a Cronos Strategic Reserve, which would reverse the token burn. The idea was met with backlash on social media, with many crypto users condemning the decision. Despite the vocal opposition, the vote passed, with Crypto.com-linked validators controlling 70%…
