Crypto.com’s new partnership with Trump Media has sent Cronos (CRO) soaring, but beneath the excitement, a major controversy is brewing. Blockchain investigator ZachXBT has accused Crypto.com of secretly bringing back 70 billion CRO tokens that were supposed to be permanently burned.
This revelation has shaken the crypto community, with investors feeling blindsided and questioning whether Cronos is truly decentralized. Meanwhile, Crypto.com remains firm in its decision, despite backlash from its own network validators.
Will CRO continue to rise, or is trouble ahead?
Despite the backlash, Crypto.com’s collaboration with Trump Media is making waves in the crypto world. The two companies plan to launch ETFs and ETPs that combine cryptocurrencies like CRO and Bitcoin with traditional securities.
This news has fueled optimism, pushing CRO’s price higher. But while some traders see this as an opportunity, others are worried that Crypto.com’s handling of token supply could damage trust in the project.
ZachXBT’s criticism comes from Crypto.com’s decision to reintroduce 70 billion CRO tokens that were burned in 2021. At the time, the company assured investors these tokens were permanently removed to reduce supply and increase value.
Now, bringing them back has left many in the community feeling betrayed. Investors who believed only 30 billion CRO remained are questioning whether the company has been transparent about its token management.
The controversy intensified when reports showed that Crypto.com controls between 70-80% of the voting power on the Cronos network.
A vote was held on whether to bring back the tokens, and 77.97% of independent validators opposed the move, while only 11.86% supported it. Despite this, Crypto.com pushed the decision through, leading to accusations that the company has too much control over Cronos.
CRO holders quickly voiced their disappointment, with many long-time supporters saying they felt misled.
A well-known crypto figure, Wyll Bildeberg, criticized the decision on social media, arguing that burned tokens should never return. He warned that such a move could damage trust not just in Cronos but in the broader crypto market.
Although the CRO saw an immediate surge to $0.115 following the partnership news, since then its price has stabilized around $0.108 reflecting a rise of 30% seen in the last 24 hours.
From a technical standpoint, CRO has moved slightly above the 50-day moving average, which is considered a bullish signal. The Relative Strength Index (RSI) is also rising, indicating increasing buying pressure.
Therefore, if the momentum continues, CRO could rally toward the $0.133 resistance level, which aligns with the 61.8% Fibonacci retracement level – another 30% jump from here!
Crypto.com just played a high-stakes game with CRO – whether it’s a winning move or a costly mistake remains to be seen.
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