Crypto.com Forced through controversial proposal to reissue 70 billion CRO tokens
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Odaily reported that Crypto.com recently passed a controversial proposal to reissue 70 billion CRO tokens, which would cancel the same amount of tokens burned in 2021. Although the votes for and against were almost equal during the voting period (March 2-16) and did not reach the required 33.4% of voters, 335 million CRO tokens were added to the "yes" category at the last minute, resulting in the proposal being passed, with a final result of 61.18% in favor, 17.61% against, and 20.11% abstaining. The passage of this proposal has caused great dissatisfaction among many token holders, who believe it has damaged the trust between them and Crypto.com. In addition, Crypto.com also plans to upgrade the Cronos blockchain to re-mint 70 billion CRO tokens, which will be distributed over a five-year plan for various functions, including the potential launch of a CRO ETF. The day after the voting ended, Crypto.com proposed another proposal to burn 50 million CRO (about 0.07% of the newly minted tokens), which has again caused dissatisfaction among token holders, who believe it is an insult to them.
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