Crypto.com Accused of Fraud: Did They Secretly Re-Mint 70B CRO Tokens?

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🚨🔥 Crypto.com’s Secret Token Heist: Did They Re-Mint 70B CRO Tokens? 🤯
Crypto.com Accused of Fraud: Did They Secretly Re-Mint 70B CRO Tokens?

As the sun rises over the cryptoverse, a dark cloud looms over Crypto.com, a payment, trading and financial company that has been accused of fraud by on-chain investigator ZachXBT. The allegations claim that the company secretly reissued at least 70 billion CRO tokens that were burned in 2021, against the promise of a permanent token burn. Ah, the sweet taste of deceit! 🍹

Why Is This a Big Deal?

In 2021, Crypto.com burned 70% of CRO’s total supply, reducing it from 100 billion to 30 billion. But, my friends, it seems that was just a clever ruse to lull us into a false sense of security. 🔮

It was Laura Shin who initially revealed that Cronos Labs decided to re-mint 70 billion CRO tokens for a new strategic reserve. Ah, the audacity! It’s like they thought they could get away with it! 🤣

Many CRO token holders have expressed their concerns about the development. A long-time CRO supporter, dismissing the move to re-mint the burned tokens, notes: “A burn is a burn, burnt tokens shouldn’t be brought back to life.” Ah, the wisdom of the ages! 🙏

The total circulation supply of Cronos now stands at 27,408,853,450. Its market cap is $2,900,268,360 and its FDV is $10,307,330,727. But what’s the point of all these numbers when the game is rigged? 🤔

The new development may make CRO inflationary, reducing its scarcity and potentially lowering its value. Ah, the classic move of the scoundrels! 🤑

CRO has fallen over 91% since its all-time high in 2021. In the last one year, the CRO market has experienced a drop of 31.2%. Though it has grown by 33.6% in the last seven days, it has dropped by 1.5% in the last 24 hours. Ah, the rollercoaster of emotions! 🎠

About Trump media’s Involvement: Explained

ZachXBT opines that Trump Media is not aware of Crypto.com’s fraud. Ah, poor Trump, always getting played by the big boys! 😂

Anyway, CRO will be a main part of the proposed ETFs, even though Bitcoin and traditional securities will also play an equally important role. Ah, the grand plan! 🤯

However, the plan requires the approval of regulatory agencies. Ah, the pesky little details that always get in the way! 🚫

Why Crypto.com Has Made a Power Move?

The decision to re-mint the burned tokens has been implemented through the community voting process. It is the dominance Crypto.com enjoys over the voting ecosystem that has helped the company to easily push the decision through the process. Crypto.com controls no fewer than 80% of voting power. Ah, the classic move of the oligarchs! 🤴

Many believe that re-minting of CRO is a power move by Crypto.com to maintain control. Ah, the eternal struggle for power! 🔥

  • Also Read : Cronos (CRO) Accused of ‘Secret’ Token Issuance After Trump Media Deal
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Similarities Between FTX and Crypto.com: Exposed

A crypto investigator, identified as TruthLabs on X, reveals that Crypto.com is similar to FTX, the collapsed exchange. Ah, the déjà vu! 🙄

He notes that both FTX and Crypto.com were part of the Silveragate Exchange Network before its shut down. Ah, the old boys’ club! 👥

He also points out that like how FTX controlled its token, FTT, Crypto.com maintains its dominance over its token, CRO. Ah, the classic move of the puppeteers! 🎭

He states that both spent big on sponsorships. FTX sponsored NBA teams, while Crypto.com has naming rights to major arenas. Ah, the art of distraction! 🎨

He even reveals that both received early funding from Binance. A Crypto.com Polygon address was originally funded by Binance, and one of its addresses on Polygon is linked to Binance on Ethereum. Ah, the tangled web of deceit! 🕸️

His statements on the relationship between Crypto.com and Binance suggests that both are closely connected beyond normal business relationships. Ah, the classic move of the insiders! 🤝

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2025-03-26 11:57