ZachXBT stated that Cronos (CRO) , previously Crypto.com, is not less than a scam after the recent announcement of Donald Trump’s media and tech company, TMTG and Crypto.com’s partnership for Exchange Traded Funds (ETFs). Teaming up with Crypto.com, they’re gearing up to roll out a lineup of Truth.Fi ETFs that will mix cryptocurrencies with securities linked to the U.S. economy.
But Crypto.com’s involvement in this venture comes at a controversial time. Crypto.com is under fire for bringing back 70 billion Cronos (CRO) tokens that were originally burned in 2021.
Blockchain investigator ZachXBT didn’t hold back, calling the move a scam. “CRO is no different from a scam. Your team just reissued 70B CRO a week ago that was previously burned ‘forever’ in 2021 (70% total supply) and went against the community’s wishes as you control the majority of the supply,” he said.
His remarks have ignited a fierce discussion within the crypto world, leaving many to question Crypto.com’s openness, its grip on the network, and whether CRO can hold steady.
Sources suggest that Crypto.com-operated validators hold between 70-80% of the total voting power, adding to the controversy. Even though an overwhelming 77.97% of validators opposed the reissuance and only 11.86% supported it, the proposal still went through. This has naturally raised serious concerns about centralization and how much control really rests in the hands of the community.
The backlash was immediate and intense. A lot of CRO holders are feeling stabbed in the back, and even die-hard fans like Wyll Bildeberg didn’t mince words about it on X (previously Twitter).
“A burn is a burn, burnt tokens shouldn’t be brought back to life. I’m almost never against anything happening on Cronos, but today, I’m against it, big time! If this pass, it’s will just be a confirmation that Cronos is heavily centralized, and so can’t be trusted. he wrote. The sentiment is widespread—people worry this could open the floodgates for other projects to go back on their word whenever they want.
Now, with Crypto.com’s reputation on the line, the bigger question is what this means for CRO’s future. Can the project recover from this, or has it done permanent damage to investor trust?
Also Read: Trump Media and Crypto.com Partner to Launch Crypto ETFs
