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Crypto.com has ignited controversy within its community after proposing to re-mint 70 billion CRO tokens. This decision marks the reversal of a 2021 token burn intended to reduce the circulating supply permanently.

The move, which passed at the last minute with a decisive vote, has left many CRO holders feeling betrayed.

Crypto.com Makes Last-Minute Push to Secure Victory

The outcome remained uncertain for most of the proposal’s voting period, which ran from March 2 to March 16. While the “yes” votes narrowly led, the proposal did not pass the 33.4% quorum of eligible votes.

That changed on Sunday at 14:00 UTC when a sudden influx of 3.35 billion CRO tokens tipped the balance. This secured the necessary quorum and significantly boosted the “yes” votes. Notably, voter turnout was 70.58%, exceeding the required threshold. The final tally was 62.18% in favor, 17.61% against, and 20.11% abstaining.

To put it in perspective, only 11.86% of validators voted “yes,” with only two of its validators (Starship and Falcon Heavy) supporting the proposal initially.  

By the end of the vote, three more Crypto.com-controlled validators, Electron, Antares, and Minotaur IV, joined them. Meanwhile, two independent validators, Cosmostation and Polkachu.com, also backed the proposal.

Notwithstanding, their votes had minimal impact on the outcome as Crypto.com controls between 70-80% of the total voting power. This means the company tipped the scales through its dominance over the network.

Community members were quick to express frustration, accusing Crypto.com of manipulating the process. Based on the claims, it appears the Crypto.com exchange leveraged its significant control over the network’s validators. One large token holder voiced their disappointment on Telegram.

“They [Crypto.com] pushed their votes almost at the last minute. And now they created a precedent that other projects could follow,” Unchained reported, citing a community member on Telegram.

Repercussions for Crypto.com and Cronos Blockchain Upgrade

With the vote secured, Crypto.com is set to upgrade the Cronos blockchain, re-minting 70 billion CRO tokens. The newly minted supply will vest over five years and serve various purposes, including the potential creation of a CRO ETF (exchange-traded fund).

Notably, the original 70 billion CRO burned in 2021 will remain out of circulation. Nevertheless, the timing and nature of this decision have fueled skepticism within the community, especially given Crypto.com’s prior assurances that the 2021 burn was final.

A day after the controversial re-minting passed, Crypto.com introduced another proposal to burn 50 million CRO tokens. This constitutes about 0.07% of the freshly minted supply and has been met with widespread derision.

“It is a spit in all CRO holders’ faces. I mean, how dare you re-mint 70 billion tokens and on the same day start a proposal for burning 50 million tokens,” crypto journalist Laura Shin revealed, citing one validator who opposed the re-minting proposal on Telegram.

The comment reflects the general sentiment among the Crypto.com community. Many feel that this irreparably damaged their trust in the platform.

Amidst an outraged community and eroded trust in Crypto.com, the fallout from this decision could have long-term repercussions for the company and the broader Cronos ecosystem. Meanwhile, voting on the latest burn proposal continues.

Amidst this backlash, Cronos’ CRO price is down by almost 5%. BeInCrypto data shows CRO was trading for $0.08 as of this writing.

Crypto.com did not immediately respond to BeInCrypto’s request for comment.

The post Crypto.com’s 70 Billion CRO Re-Mint Decision Faces Backlash, Triggers Price Drop appeared first on BeInCrypto.

Cardano’s price has surged 10% over the past 24 hours, riding the wave of a broader crypto market rally to reach a two-month high.

The sharp move upward has pushed ADA to levels last seen in early March and has reignited bullish sentiment among spot and derivatives traders.

Cardano’s 10% Pump Sparks Surge in Profitable Supply

On-chain data from Santiment reveals that Cardano’s double-digit rally has boosted the percentage of its supply in profit. As of this writing, approximately 74.14% of ADA’s circulating supply—equivalent to 26.91 billion tokens—is now held at a profit.

When an asset’s profit supply spikes, it means that a significant portion of its circulating supply is now worth more than when it was acquired. Historically, a rise in profit supply correlates with renewed accumulation and often hints at further upward momentum as market sentiment improves.

Moreover, in the ADA derivatives market, the coin’s funding rate remains firmly positive, indicating that traders are increasingly taking long positions in anticipation of continued gains. This is currently at 0.0099%.

The funding rate is a recurring payment between traders in perpetual futures contracts, designed to keep the contract price aligned with the spot market. 

When positive like this, traders holding long positions are paying those with shorts, indicating bullish sentiment and expectations of further price increases.

ADA Rally Gains Steam, but Profit-Taking Could Threaten $0.76 Support

With technical indicators flashing bullish and sentiment strengthening, ADA buyers have regained control, at least for now. If buying pressure strengthens and bull dominance remains, ADA could maintain its upward trend and rally to $0.84.

However, once buyers’ exhaustion sets in and traders begin to lock in their soaring profits, ADA could break below the support at $0.76 and fall toward $0.66. 

The post Cardano Jumps 10%, Profit Supply Spikes as ADA Bulls Regain Control appeared first on BeInCrypto.

The co-founders of President Trump-backed World Liberty Financial (WLFI)—Zach Witkoff, Zak Folkman, and Chase Herro—met with Binance co-founder Changpeng Zhao (CZ) in Abu Dhabi.

Their conversation centered on developing strategic initiatives to standardize and expand the cryptocurrency industry worldwide.

What Did WLFI Co-Founders and CZ Discuss in Abu Dhabi?  

WLFI highlighted the meeting in a post on X (formerly Twitter). The organization stressed that the move marked the start of a broader initiative to drive innovation in the industry. The meeting agenda centered on strategies to accelerate the global adoption of cryptocurrencies. 

It also covered the creation of new industry standards. Finally, the participants discussed initiatives to push the crypto sector into its next phase of growth and development.

“The future belongs to the builders, not the bystanders. We’re just getting started,” Witkoff stated.

In a separate post on X, CZ highlighted that he also met with Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), alongside Witkoff. Notably, the meeting comes shortly after WLFI and PCC’s latest collaboration. 

BeInCrypto was the first to report that the DeFi project signed a letter of intent with the council to enhance blockchain development, stablecoin adoption, and DeFi growth in the country. Previously, in early April, CZ had joined PCC as a strategic advisor.

“Our goal is to work alongside industry leaders and showcase Pakistan as a global case study in how emerging markets can harness blockchain to create transformative opportunities,” Saqib said.

Zhao also expressed optimism about the meeting. However, he cautioned that traditional media might frame the event negatively. 

“I have a feeling the trad media will try to make up some negative story about this. But we keep building,” CZ wrote.

This statement aligns with his recent disputes with mainstream outlets like Bloomberg. CZ criticized Bloomberg’s coverage of his advisory roles with governments like Pakistan, Kyrgyzstan, and Malaysia on crypto policy. 

Zhao argued that Bloomberg negatively framed his efforts by emphasizing his past legal issues rather than focusing on his current work.

Meanwhile, the criticism isn’t limited to CZ. World Liberty Financial has also been the center of substantial scrutiny, given its ties to the President. US senators have raised concerns about potential conflicts of interest. In fact, previous reports emerged about the Trump family possibly acquiring a stake in Binance—claims that CZ strongly refuted.

Despite external scrutiny, the high-profile meeting affirms the involved parties’ commitment to building a more solid and collaborative future for the cryptocurrency sector.

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