Community slams Crypto.com CEO over 70B CRO re-issuance

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Source: Kris Marszalek“The largest token burn in history”Disclosed in February 2021 in a now-deleted post on the Crypto.com blog, the 70-billion-CRO token burn was called the “largest token burn in history” with a goal to “fully decentralize the network” at the CRO mainnet launch.“Aligned with our belief, and with the CRO chain mainnet launch just around the corner, we are fully decentralizing the chain network,” the blog post said, announcing an immediate burn of 59.6 billion tokens.

In four years following the burn, a Cronos blog post on March 2 announced a vote on the creation of a Cronos Strategic Reserve by reversing the 2021 token burn.“In 2021, 70 billion CRO were burnt in one of the most significant burn transactions in history.

Major cryptocurrency exchange Crypto.com came under fire following an allegedly manipulated vote leading to a massive token burn reversal on Crypto.com’s Cronos blockchain.Crypto.com CEO Kris Marszalek took to X on March 19 to highlight the firm’s financial and regulatory stability amid the ongoing controversy over the 70 billion Cronos (CRO) token re-issuance.

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Author / Journalist: Cointelegraph by Helen Partz

Category: Crypto

Markets: United StatesJapan

Topics: Billion 2021 March Burn Crypto Community Token Vote Cronos Blockchain Post

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-19 @ 10:08:21 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 642 words

Reading Time: 4 minutes read

Sentences: 16 lines

Sentence Length: 41 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27183544

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