Crypto.com’s Shocking Token Minting: A Comedy of Errors! 😂💰

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Ah, mesdames et messieurs! Gather ’round, for we have a tale most curious! The illustrious Crypto.com, a veritable titan of the crypto exchange realm, finds itself in a tempest of discontent after a most audacious last-minute vote hath secured approval for the minting of a staggering 70 billion CRO tokens! 🎭

According to the esteemed report from Unchained, this proposal, like a shy suitor at a ball, struggled to reach the required quorum of 33.4% for most of the voting period. Yet, lo and behold! In the final hours, a sudden influx of 3.35 billion Cronos (CRO) votes burst forth, pushing it past the threshold with a triumphant 61.18% approval! What a spectacle! 🎉

The proposal, dear friends, aimed to create a Cronos Strategic Reserve by reversing a token burn from 2021, which was intended to remove the same number of tokens from circulation forever. A most curious reversal, indeed! 🔄

Crypto.com, in its infinite wisdom, argued that reinstating these tokens would support the long-term growth of the Cronos ecosystem, funding initiatives such as AI-driven applications and a potential CRO-based exchange-traded fund. Ah, the wonders of modern technology! 🤖

But fear not, for the newly minted CRO shall be placed in an escrow wallet, released over a five-year vesting schedule. The reserve will follow strict controls, including adjustments to CRO’s emission parameters to prevent inflation from wreaking havoc on validator rewards. A noble endeavor, or so they say! 💼

Yet, critics abound! They argue that reviving previously burned tokens undermines trust and raises concerns about the decentralization of Cronos. A community member, with a flair for the dramatic, declared this decision as proof that Cronos operates as a centralized entity, claiming only Crypto.com’s core team would dare support such a move. Oh, the audacity! 😱

Most independent validators opposed this grand plan, but Crypto.com’s own validators—Starship, Falcon Heavy, Electron, Antares, and Minotaur IV—ultimately tipped the scales in favor of this audacious proposal. A most curious alliance! ⚖️

Unchained reports that until Mar. 10, only two of the company’s validators, Starship and Falcon Heavy, had backed the proposal. But as the clock struck midnight on voting, three more Crypto.com-run validators joined the fray! A veritable stampede of support! 🐎

While a few independent validators, such as Cosmostation and Polkachu.com, also cast their votes in favor, their influence was but a whisper compared to the thunderous roar of Crypto.com’s internal votes. A tragedy for the independent spirit! 😢

One large CRO holder lamented to Unchained their concern that Crypto.com’s last-minute votes set a precedent where projects with enough validator control could push decisions through, despite the cries of the opposition. A most troubling thought! 😬

With the proposal now approved, the Cronos blockchain is set to undergo an upgrade that will officially mint the 70 billion tokens. Yet, frustration among CRO holders simmers, with some calling this decision a betrayal of the original burn commitment. A betrayal most foul! ⚔️

Furthermore, on the very day voting concluded, Crypto.com introduced a proposal to burn a mere 50 million CRO, which is but 0.07% of the newly minted supply. This move drew further ire, with a CRO validator exclaiming it was a “spit in all CRO holders’ faces.” Oh, the drama! 💦

Meanwhile, CRO has been on a downward spiral since the vote passed, sliding over 3% to a paltry $0.08 at the time of this writing. Crypto.news reached out to Crypto.com for comment, but alas, no response was received at the time of publication. A mystery for the ages! 🕵️‍♂️

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2025-03-18 09:19