CRO is no different from a scam: ZachXBT 

ZachXBT stated that Cronos (CRO) , antecedently Crypto.com, is not little than a scam aft the caller announcement of Donald Trump’s media and tech company, TMTG and Crypto.com’s concern for Exchange Traded Funds (ETFs). Teaming up with Crypto.com, they’re gearing up to rotation retired a lineup of Truth.Fi ETFs that volition premix cryptocurrencies with securities linked to the U.S. economy.

But Crypto.com’s engagement successful this task comes astatine a arguable time. Crypto.com is nether occurrence for bringing backmost 70 cardinal Cronos (CRO) tokens that were primitively burned successful 2021. 

Blockchain researcher ZachXBT didn’t clasp back, calling the determination a scam. “CRO is nary antithetic from a scam. Your squad conscionable reissued 70B CRO a week agone that was antecedently burned ‘forever’ successful 2021 (70% full supply) and went against the community’s wishes arsenic you power the bulk of the supply,” helium said. 

His remarks person ignited a fierce treatment wrong the crypto world, leaving galore to question Crypto.com’s openness, its grip connected the network, and whether CRO tin clasp steady.

Sources suggest that Crypto.com-operated validators clasp betwixt 70-80% of the full voting power, adding to the controversy. Even though an overwhelming 77.97% of validators opposed the reissuance and lone 11.86% supported it, the connection inactive went through. This has people raised superior concerns astir centralization and however overmuch power truly rests successful the hands of the community.  

The backlash was contiguous and intense. A batch of CRO holders are feeling stabbed successful the back, and adjacent die-hard fans similar Wyll Bildeberg didn’t mince words astir it connected X (previously Twitter).

“A pain is simply a burn, burnt tokens shouldn’t beryllium brought backmost to life. I’m astir ne'er against thing happening connected Cronos, but today, I’m against it, large time! If this pass, it’s volition conscionable beryllium a confirmation that Cronos is heavy centralized, and truthful can’t beryllium trusted. helium wrote. The sentiment is widespread—people interest this could unfastened the floodgates for different projects to spell backmost connected their connection whenever they want.

Now, with Crypto.com’s estimation connected the line, the bigger question is what this means for CRO’s future. Can the task retrieve from this, oregon has it done imperishable harm to capitalist trust?

Also Read: Trump Media and Crypto.com Partner to Launch Crypto ETFs