{"id":22184,"date":"2025-03-18T13:51:40","date_gmt":"2025-03-18T11:51:40","guid":{"rendered":"https:\/\/forklog.com\/en\/crypto-com-pushes-for-reissuance-of-70-billion-burned-cro-tokens\/"},"modified":"2025-03-18T13:51:40","modified_gmt":"2025-03-18T11:51:40","slug":"crypto-com-pushes-for-reissuance-of-70-billion-burned-cro-tokens","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/crypto-com-pushes-for-reissuance-of-70-billion-burned-cro-tokens\/","title":{"rendered":"Crypto.com Pushes for Reissuance of 70 Billion Burned CRO Tokens"},"content":{"rendered":"<p>The proposal to reissue 70 billion CRO tokens, previously burned in 2021 by the blockchain project Cronos affiliated with Crypto.com, received <a href=\"https:\/\/www.mintscan.io\/crypto-org\/proposals\/29\">approval<\/a> with active participation from the exchange.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"200\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-Chrome-1-1024x200.jpg\" alt=\"CRONOS-POS-Proposal-29-Mintscan-Google-Chrome-1\" class=\"wp-image-254384\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-Chrome-1-1024x200.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-Chrome-1-300x58.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-Chrome-1-768x150.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-Chrome-1.jpg 1293w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Mintscan.<\/figcaption><\/figure>\n<p>The initiative garnered 62.2% of votes in favor. The quorum was 70.6%, surpassing the required threshold of 33.4%.<\/p>\n<p>As a result of the upcoming protocol update on March 18, the total supply of the asset will return to the original 100 billion CRO.<\/p>\n<p>The reissued coins, valued at approximately $5.9 billion at the time of writing, will form a strategic reserve for Cronos. The tokens will be placed in an escrow wallet with a five-year <span data-descr=\"locking a certain amount of assets for a specified period\" class=\"old_tooltip\">vesting<\/span> period. The unlocking will occur in stages\u2014monthly tranches of approximately 1.17 billion CRO.<\/p>\n<p><a href=\"https:\/\/forklog.com\/en\/news\/cronos-considers-reissuing-70-billion-burned-cro-tokens\">The Cronos team, which proposed<\/a> the idea of restoring the emission volume, explained this move as necessary for funding key points of the <a href=\"https:\/\/forklog.com\/en\/news\/crypto-com-to-launch-stablecoin-and-cronos-etf\">roadmap presented<\/a> in February for Crypto.com and the blockchain ecosystem.<\/p>\n<p>Users generally reacted negatively to the initiative to increase the CRO emission limit. Unchained podcast host Laura Shin noted that for most of the period from March 2-16, the number of &#8220;yes&#8221; votes barely exceeded the &#8220;no&#8221; votes. Moreover, the proposal did not initially reach the quorum.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">For most of the proposal\u2019s voting period, which ran from March 2-16, the yes votes barely outstripped the nos, but the project didn\u2019t reach the quorum of votes needed.<\/p>\n<p>\u2014 Laura Shin (@laurashin) <a href=\"https:\/\/twitter.com\/laurashin\/status\/1901783521980539026?ref_src=twsrc%5Etfw\">March 17, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A day before the end of the voting, major validators controlled by Crypto.com declared their position, &#8220;injecting&#8221; 3.35 billion CRO at once. This ensured the threshold was surpassed and the proposal was supported.<\/p>\n<p>According to Shin, this involved three organizations. Based on the heat map of vote distribution, these are Electron, Antares, and Minotaur IV.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"465\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-1024x465.jpg\" alt=\"CRONOS-POS-Proposal-29-Mintscan-Google\" class=\"wp-image-254385\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-1024x465.jpg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-300x136.jpg 300w, https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google-768x349.jpg 768w, https:\/\/forklog.com\/wp-content\/uploads\/CRONOS-POS-Proposal-29-Mintscan-Google.jpg 1295w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: Mintscan.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;At the last minute, Crypto.com went against the community&#8217;s will and pushed through the proposal to reissue CRO tokens that were supposedly permanently removed from circulation in 2021,&#8221; commented the journalist.<\/p>\n<\/blockquote>\n<p>Co-founder of <a href=\"https:\/\/forklog.com\/en\/news\/a-phantom-reborn-sonic-a-revamped-network-from-the-father-of-defi\">Sonic<\/a> Andre Cronje sharply reacted to the voting results, indicating that they do not align with the principles of decentralization.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Tomorrow Cronos goes from $2.5bn mcap to $8.5bn mcap with a single vote and all it needed was a single voter.<\/p>\n<p>1. mcaps are a meme.<br \/>2. Decentralization doesnt matter, until it does.<br \/>3. Immutability doesnt matter, until it does. <a href=\"https:\/\/t.co\/eZ5Kpm9JFr\">https:\/\/t.co\/eZ5Kpm9JFr<\/a><\/p>\n<p>\u2014 Andre Cronje (@AndreCronjeTech) <a href=\"https:\/\/twitter.com\/AndreCronjeTech\/status\/1901800487793373507?ref_src=twsrc%5Etfw\">March 18, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Tomorrow the market cap of Cronos will increase from $2.5 billion to $8.5 billion with just one vote, and it only needed one voter,&#8221; he stated.<\/p>\n<\/blockquote>\n<p>One user noted that &#8220;unfortunately, 99% of DAOs operate this way.&#8221;<\/p>\n<p>Immediately after the voting concluded, the Cronos team proposed burning 50 million CRO\u2014approximately 0.07% of the volume to be restored.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Another 50M <a href=\"https:\/\/twitter.com\/search?q=%24CRO&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CRO<\/a> burn on the horizon ?<\/p>\n<p>A 50M <a href=\"https:\/\/twitter.com\/search?q=%24CRO&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$CRO<\/a> burn proposal has been submitted on <a href=\"https:\/\/twitter.com\/hashtag\/Cronos?src=hash&#038;ref_src=twsrc%5Etfw\">#Cronos<\/a> POS chain. If passed, another 50M CRO will go up in flames.<\/p>\n<p>?\ufe0f Validators will vote over the next 2 weeks.<\/p>\n<p>? Proposal details: <a href=\"https:\/\/t.co\/rWKmB7qYsY\">https:\/\/t.co\/rWKmB7qYsY<\/a><\/p>\n<p>? Track voting status:\u2026 <a href=\"https:\/\/t.co\/83ne7HnVTN\">pic.twitter.com\/83ne7HnVTN<\/a><\/p>\n<p>\u2014 Cronos (@cronos_chain) <a href=\"https:\/\/twitter.com\/cronos_chain\/status\/1901513860772946408?ref_src=twsrc%5Etfw\">March 17, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is a slap in the face to all CRO holders,&#8221; Shin quoted an independent validator.<\/p>\n<\/blockquote>\n<p>In the past 24 hours, the token has depreciated by approximately 8% and is trading near $0.08 (<a href=\"https:\/\/www.coingecko.com\/en\/coins\/cronos\">CoinGecko<\/a>). This is nearly 92% below the all-time high of approximately $0.97, recorded in November 2021.<\/p>\n<p>Back in January, media <a href=\"https:\/\/forklog.com\/en\/news\/cftc-set-to-weigh-probe-into-crypto-coms-sports-betting-futures\">reported<\/a> on a potential investigation by the <span data-descr=\"U.S. Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> into futures contracts on Crypto.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The proposal to reissue 70 billion CRO tokens, previously burned in 2021 by the blockchain project Cronos affiliated with Crypto.com, received approval with active participation from the exchange. Source: Mintscan. The initiative garnered 62.2% of votes in favor. The quorum was 70.6%, surpassing the required threshold of 33.4%. As a result of the upcoming protocol [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":22183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1452,1258,596],"class_list":["post-22184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-com","tag-tokenomics","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"127","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22184","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=22184"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/22184\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/22183"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=22184"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=22184"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=22184"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}