CRO Token Rebirth Event Sparks Controversy

Recently, the Cronos chain proposed a controversial proposal to re-mint 70 billion CRO Tokens, which is equivalent to 3.3333 times the current circulation. In fact, these Tokens were the 70% CRO Tokens that were burned in 2021.

The proposal, once announced, immediately sparked strong doubts within the community. Despite facing numerous controversies, a certain trading platform insisted on its stance. In subsequent public communications, the platform's executives even stated: "Trust us, or sell off," which further intensified the community's dissatisfaction.

A dramatic turn of events occurred during the voting process. At first, the opposing votes held a clear advantage, and the number of votes had not yet reached the threshold for effectiveness. However, just before the voting was about to conclude, suddenly 3.35 billion CRO flooded into the voting pool, all cast as affirmative votes. Reports suggest that these tokens came from nodes controlled by the platform, which hold nearly 70%-80% of the voting power.

The result of this "decentralized" voting has caused tremendous chaos in the CRO community. Looking back at the development history of Crypto.com, it is evident that this is not the first event that has triggered community backlash.

CRO's predecessor was MONACO (MCO), an ICO project that started in 2017, focusing on cryptocurrency payment cards. The project was very popular in its early stages, with several well-known exchanges competing to list it. In the second half of 2018, the project announced a rebranding to Crypto.com and issued the CRO Token at the end of the year.

In August 2020, the platform announced the incorporation of the MCO Token into the CRO system, which sparked controversy once again. In February 2021, the platform announced the destruction of 70% of the Tokens, claiming it was to promote decentralized governance. However, four years later, the platform has proposed to remint those destroyed Tokens under the pretext of supporting ETFs.

What is even more puzzling is that on the day after the proposal to reissue 70 billion CRO was passed, the Cronos team proposed a new plan to burn 50 million CRO. It is currently unclear whether the purpose of this move is to appease the community's anger or if there is a deeper meaning behind it.

This series of events has sparked a reflection on the essence of blockchain: if the destroyed tokens can be reborn, what is the true meaning of blockchain?