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The Crypto.com team has successfully completed a vote on reintegrating 70 billion CRO coins, which were permanently removed from circulation in 2021. The proposal faced significant debate, and in a last-minute intervention, major validators associated with Crypto.com helped to approve it. This development has raised concerns regarding the platform’s reliability.
Crypto.com’s Intervention in the Historic CRO Vote
The proposal for the reissuance of 70 billion CRO coins was presented to the community voting from March 2 to March 17. Initially, the “yes” votes were slightly ahead, but the required 33.4% participation rate was not achieved. On March 17, just hours before the voting closed, major validators from Crypto.com participated with 3.35 billion CRO coins, resulting in a high participation rate of 70.18%. The final tally showed 61.18% voted yes, 17.61% no, and 20.11% abstained.
During the voting process, validators known to be under Crypto.com’s control, namely Starship and Falcon Heavy, supported the proposal. However, three other major validators, Electron, Antares, and Minotaur IV, did not participate until the last day. Their last-minute votes for “yes” changed the outcome. Independent validators like Cosmos station and Polkachu.com also voted yes, but their impact was limited.
70 Billion CRO Coins to Be Released Over Five Years
Following the vote, the Cronos blockchain network will be updated on March 19, enabling the issuance of 70 billion new CRO coins. These coins will be gradually released over five years. The minted CROs are expected to fund various financial projects, including the potential establishment of a CRO ETF.
The Crypto.com team did not stop there; on March 17, a new proposal was introduced to burn 50 million CRO tokens. This follows three previous burns of 50 million CRO tokens each. The voting on the new proposal will last for two weeks. However, many view this move as a symbolic gesture to mask the reissuance of 70 billion coins.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
