The post Did Crypto.com LIE? 70B CRO Tokens ‘Unburned’ –Will the Price CRASH Now? appeared first on Coinpedia Fintech News
Crypto.com’s partnership with Trump Media has pushed Cronos (CRO) higher, but a big controversy is brewing. Blockchain investigator ZachXBT slammed CRO as a “scam,” accusing Crypto.com of secretly reviving 70 billion tokens that were supposedly burned forever.
Meanwhile, investors are furious, claiming the project is too centralized and their voices are being ignored. Will CRO’s price continue to rise, or is trouble ahead?
Controversy Over Reviving 70 B CRO Tokens
Despite the controversy, the partnership between Trump Media and Crypto.com is making waves in the crypto world. The two companies plan to launch ETFs and ETPs that combine cryptocurrencies, including CRO and Bitcoin, with traditional securities
However, blockchain investigator ZachXBT strongly criticized Crypto.com, calling CRO a scam. His criticism stems from Crypto.com’s decision to reintroduce 70 billion CRO tokens that had been burned back in 2021.
At the time, Crypto.com assured investors the tokens were permanently removed to reduce supply and boost value, making them believe only 30 billion remained. Now, reissuing these tokens has led to frustration and panic within the community.
Allegations of Centralization and Manipulation
The controversy intensified when reports showed that Crypto.com controls between 70-80% of the voting power on the Cronos network.
Even though 77.97% of independent validators opposed bringing back the tokens, and only 11.86% supported it. Despite this Crypto.com pushed the decision through.
This has led to accusations of centralization, with many believing the company has too much control over the blockchain.
Investors React With Frustration
CRO holders reacted quickly and strongly, feeling betrayed by the move. Many loyal supporters of Cronos shared their disappointment.
A well-known figure, Wyll Bildeberg, expressed his frustration on social media, saying burned tokens should never return. He warned that this decision could damage trust in the project and the entire crypto market.
What’s Next for CRO Coin?
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.
Looking at the daily chart, CRO’s price has formed a bullish pattern. It has climbed slightly above the 50-day moving average, a key bullish signal. Additionally, the Relative Strength Index (RSI) is trending upward, indicating growing 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!
