CRO Token Revival Event Sparks Controversy

Recently, a controversial proposal on the Cronos chain has sparked widespread discussion in the cryptocurrency community. The proposal suggests reminting 70 billion CRO Tokens, which is equivalent to 3.3333 times the current circulating supply. These Tokens were originally burned in 2021, and this move is essentially a reversal of the previous token burn operation.

Once the proposal was announced, it immediately attracted strong skepticism. Despite facing opposition from the community and opinion leaders, the management team of the Cronos chain insisted on pushing forward. In subsequent public communications, they even stated that users who disagreed could choose to opt out.

At the beginning of the voting, opposing votes held the advantage. However, just before the voting was about to end, around 3.35 billion CRO suddenly flooded into the voting pool, all cast as supportive votes. There are reports that these tokens came from nodes controlled by a certain trading platform, which hold nearly 70%-80% of the voting power.

After the proposal was passed, the CRO community fell into chaos. For industry veterans, although this action is unpleasant, it is not entirely unexpected. Looking back at the development history of CRO, similar controversial events are not the first to occur.

CRO originated from the MONACO (MCO) project, which was launched in an ICO in 2017 and focused on crypto payment cards. At the end of 2018, the project was renamed to CRO and issued a new Token. In August 2020, the project announced the integration of MCO into the CRO system, which caused dissatisfaction among token holders. In February 2021, the project announced the destruction of 70% of the Tokens to promote decentralized governance.

However, four years later, the project team proposed to reissue the previously destroyed tokens under the pretext of supporting ETFs. What is even more puzzling is that the day after the proposal to reissue 70 billion CRO was approved, the project team put forward a new proposal to destroy 50 million CRO.

This series of operations raises the question: if destroyed Tokens can be freely reborn, what is the significance of the immutability of blockchain technology? This event undoubtedly sounds an alarm for the cryptocurrency industry, reminding investors to assess project governance mechanisms and integrity more cautiously.