Crypto.com has greenlit the controversial re-minting of 70 billion CRO tokens, overriding widespread community opposition with a last-minute surge in validator votes controlled by the exchange.
Crypto․com Pushes Through 70 Billion CRO Re-Mint Despite Community Backlash
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Crypto.com Re-Mints 70 Billion CRO Tokens After Last-Minute Vote Surge
Crypto.com has pushed forward a highly contentious proposal to re-mint 70 billion CRO tokens, previously burned in 2021, despite vocal opposition from its community. The proposal narrowly passed on Sunday, March 16 after a sudden influx of 3.35 billion CRO tokens swung the vote, raising concerns over governance integrity.
For most of the two-week voting period, the proposal rested on the edge of failure, with turnout falling short of the required 33.4% requirement. However, at 14:00 UTC on the final day, a flood of votes from Crypto.com-controlled validators pushed participation to over 70% and locked in 61.18% support.
The move sparked outrage among token holders with one large holder claiming this could set a “precedent that other projects could follow.”
Though the majority of validators opposed the proposal with 78% voting no, Crypto.com’s dominance of validator power, estimated at 70–80%, rendered their votes decisive. The re-minting clears the way for a Cronos blockchain upgrade and potential CRO ETF seeding.
Just a day later, Crypto.com proposed to burn 50 million CRO just 0.07% of the newly minted supply, adding further fuel to community frustration. Voting on this follow-up proposal runs for two weeks.
