Crypto.com Exchange has sparked a wave of protests among its user community by proposing a 70 billion Cronos (CRO) token burn, going against the token burning policy established in 2021. The sudden influx of 3.35 billion CRO tokens altered the equations, resulting in a final voter participation of 70.58%. The outcome revealed that 62.18% were in favor, 17.61% were against, and 20.11% were undecided. Following the approval, Crypto.com upgraded the Cronos blockchain and plans to release 70 billion CRO tokens over the next five years for purposes like creating an Exchange-Traded Fund (ETF) for Cronos. The burnt tokens from 2021 will remain out of circulation, causing uncertainty among users. Additionally, one day after the approval, Crypto.com proposed burning 50 million Cronos tokens, representing only 0.07% of the new supply, triggering strong reactions and leading to an 8% drop in the Cronos price over the past 24 hours.
