Crypto.com is under intense scrutiny after reissuing 70 billion CRO tokens that were previously declared permanently burned in 2021. The move has triggered accusations of financial manipulation and raised trust concerns within the crypto community.
Allegations of Financial Manipulation
Blockchain investigator ZachXBT has publicly accused Crypto.com of misleading users by reintroducing 70 billion CRO tokens, which originally accounted for 70% of the total supply. The decision contradicts the platform’s previous commitment to permanently burn the tokens, leading to allegations of centralized control and deception.
“CRO is no different from a scam. Your team just reissued 70B CRO a week ago that was previously burned ‘forever’ in 2021 and went against the community’s wishes as you control the majority of the supply,” ZachXBT stated in a viral post on X (formerly Twitter).
Trust and Transparency Concerns
The unexpected token reissuance has raised concerns about Crypto.com’s commitment to decentralization and transparency. Critics argue that controlling the majority of CRO’s supply gives the company undue influence over the token’s value and ecosystem, potentially harming investors.
Many users now fear that similar actions could be taken in the future, eroding trust in the platform’s governance and its long-term credibility.
Crypto.com’s Controversial Partnership with Trump Media
Adding fuel to the controversy, Crypto.com recently partnered with Trump Media & Technology Group (TMTG), the parent company of Truth Social. The collaboration has sparked additional skepticism, with critics questioning the company’s ethical direction and business decisions.
The timing of the token reissuance alongside this high-profile partnership has led some to speculate about hidden motives behind Crypto.com’s actions.
Awaiting Crypto.com’s Response
Despite growing backlash, Crypto.com has yet to issue an official statement addressing concerns regarding the CRO reissuance. Investors and blockchain analysts are calling for greater transparency and accountability from the exchange.
As scrutiny mounts, industry observers are watching closely to see how Crypto.com will respond to the allegations and whether regulatory bodies will step in to investigate the situation.
